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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCrude managed to rally alongside regional.......>
OIL: Crude managed to rally alongside regional equity markets during Asia-Pac
hours, with WTI & Brent both printing around $0.50 above their respective
settlement levels at writing. This comes after Wednesday's choppy trading
session which saw WTI & Brent ranges of over $6.00. We won't recount the goings
on surrounding Iran as we have covered that in detail elsewhere.
- Wednesday's DoE inventory release was more bearish than the API estimate and
gave the move lower some fresh momentum before U.S. President Trump's
de-escalatory address re: Iran. Headline crude stocks experienced a surprise
build, while distillate and gasoline stocks saw much larger builds than
expected. Meanwhile, stocks at the Cushing hub fell and refinery run rates
turned lower. Production levels were virtually unchanged.
- Early Weds saw the UAE Energy Minister note that OPEC hadn't discussing any
steps to take on the back of the heightened tension in the Middle East, while he
noted improved compliance from Iraq & Nigeria re: the OPEC+ production pact.
- Worth noting that some major Saudi tanker co.'s suspended crossings of the
Strait of Hormuz on Weds (WSJ), but this is exp. to normalise in coming days.
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.