MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

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: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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

EZ/UK T-Bill Calendar: 12-Month BOT Auction on 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 Despite US Inventory Build

COMMODITIES
  • Crude oil prices have reversed yesterday’s, surprisingly so given and a much larger than expected inventory build in the US (8.4M vs -1.3M) along with at the margin a further fall in equities (currently almost reversed). The increase in cushing crude stocks was the most since Apr’20.
  • JPMorgan raised its estimate for China’s oil demand growth, on track for consumption to hit 16mbpd with the reopening proceeding one quarter sooner and more rapidly than they first expected.
  • WTI is +1.0% at $80.29 but off earlier highs of $81.18. Resistance remains at $82.38 (Jan 18 high). Most active strikes in the CLH3 are for $89/bbl calls.
  • Brent is +1.4% at $86.15 off earlier highs of $86.85. Key short-term resistance remains at $87.85 (Jan 3 high).
  • Gold is +1.3% at $1929.70 with particularly large gains compared to relatively little change in the USD and Treasury yields climbing. It’s close to session highs of $1930.44 and moving closer again to resistance at $1934.4 (Apr 25, 2022 high).
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.