MNI BRIEF: Japan Q4 Capex Rise Slows, GDP Seen Revised Lower

MNI JAPAN JAN JOBLESS RATE AT 2.5%, UNCHANGED FROM DEC

MNI BRIEF: R-Star Likely Rose Post-Pandemic -NY Fed Blog

MNI BRIEF: Inflation Risks Skewed To Upside - Fed's Musalem

MNI BRIEF: Fed's Musalem Calls For Patient Approach To Policy

MNI BRIEF: Republicans Urge Filling Fed Supervision Slot Soon

MNI:AUSTRALIA Q4 CURR ACCT BALANCE -12547M

MNI: AUSTRALIA JAN RETAIL SALES +0.3% M/M

MNI: UK FEB BRC SHOP PRICES +0.4% M/M, -0.7% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Oil Reverses US Data-Related Losses After EIA

COMMODITIES
  • Crude prices have seen a session of two halves, sliding after primarily the large ADP beat plus other generally strong data, before rallying after US inventory data and along with a paring of initial Tsy losses.
  • Crude stocks were roughly as expected (-1.5mbbls) while crack spreads edged higher with a drop in gasoline and distillates stocks (gasoline stocks -2.5mbbls, distillates -1mbbls).
  • OPEC is holding its 8th International Seminar in Vienna on 5-6 July. OPEC forecasts for 2024 oil demand growth to be lower than this year of 2.35mbpd. OPEC chief Al Ghais said OPEC’s market share is expected to rise to 40%, from 30%, by 2040. OPEC had conversations with four nations to potentially join the group.
  • WTI is +0.2% at $71.96 off a low of $70.22. A pre-data high of $72.34 came closer to resistance at $72.72 (Jun 21 high) whilst support at $66.96 remains comfortably untested.
  • Brent is unch at $76.64 off a low of $75.03, also having come closer to resistance at $77.25 (Jun 21 high) and not close to testing support at $71.43 (May 31 low).
  • Gold is -0.2% at $1910.82 as the net USD strength on the day weighs slightly. Trend conditions remain bearish, with support seen at $1893.1 (Jun 29 low), with gold touching a low of $1902.86 before Treasury yields receded somewhat.
Energy BulletsCommoditiesAT&T Market NewsBank of America Market News
Energy BulletsCommoditiesAT&T Market NewsBank of America Market News

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.