TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

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 Oil Bounces Back After EIA Data, OPEC+ Looms Ahead

COMMODITIES
  • Crude oil prices have moved off highs but nevertheless hold sizeable gains after the EIA weekly data whilst also being buoyed by a sliding US dollar.
  • EIA weekly data showed a 4.5mn bbl increase in crude stocks – which were supported by a net 1mn bbl increase in imports. Gasoline stocks saw a small decline while implied demand on a four-week average reached 9.2mn bpd - the highest four-week average since late 2021 and on a seasonal basis since 2019.
  • Crude’s gains come ahead of this weekend's OPEC+ meeting which many analysts thought would lean more heavily towards extending cuts if Brent goes sub-$70/bbl this week – a move now looking less likely.
  • WTI is +3.0% at $70.12, unwinding yesteday’s slide but not making much ground into Tuesday’s decline, with resistance seen at $73.82 (50-day EMA).
  • There have been heavy volumes in the CLN3 today at $75/bbl calls (14.4k cumulative at typing), whilst $60/bbl strikes (9.2k) lead activity for puts.
  • Brent is +2.3% at $74.28, also off resistance at the 20-day EMA of $76.10.
  • Gold is +0.7% at $1976.95 off a high of $1983.10 that punched through resistance at the 50-day EAM of $1975.4 with USD weakness and lower Treasury yields
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.