MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

RBA SAYS SOME UPSIDE INFLATION RISKS HAVE EASED.

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: RBA LEAVES CASH RATE AT 4.35%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Nudges Higher But Can’t Prevent Weekly Dip, Gold Resilient

COMMODITIES
  • Crude is trading higher but has relinquished some of the gains seen earlier in the day. The Baker Hughes’ rig count data showed rig numbers fall for the first time in three weeks to offer some upside (630, -11, of which oil 507, -8). Despite a mid-week spike, crude is now down compared to last Friday, with WTI falling by around 80 cents/bbl.
  • The US Coordinator for MENA Brett McGurk and Senior Advisor to the President for Energy and Investment Amos Hochstein emphasized the urgency of reopening the Iraq-Turkey pipeline as soon as possible, according to a White House e-mailed statement.
  • Onshore crude inventories in China have been drawn down over the past three weeks to the lowest since mid-June according to data tracked by satellite firm Ursa Space Systems.
  • Russia’s government expects the average price of its crude grades to average $71.30/bbl in 2024, up from an average of $63.40/bbl so far in 2023.
  • WTI is +0.7% at $90.26, as it holds above support at the 20-day EMA of $86.58 and off resistance at $92.43 (Sep 19 high).
  • Brent is +0.3% at $93.56, as it holds above support at the 20-day EMA of $90.64 and off resistance at $95.96 (Sep 19 high).
  • Gold is +0.25% at $1924.84, proving resilient to the climb in the USD with an offset from a rally in Treasuries after yesterday's large twist steepening had weighed on the yellow metal. Support remains a way off at $1947.5 (Sep 20 high), the high shortly before the FOMC decision.
  • Weekly moves: WTI -0.5%, Brent -0.4%, Gold almost unch, US nat gas -0.4%, EU TTF nat gas +9%.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

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.