MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Oil Slides Further, Brent Earlier Nearly Opened Key Support

COMMODITIES
  • Crude oil has fallen further today, hindered by weak demand from China (not helped by softer than expected official PMIs overnight) and an on net stronger dollar even after some depreciation seen after two FOMC officials supported skipping in June.
  • OPEC+ meet this weekend to decide their latest production quotas as the group weighs up it's tumbling crude exports in May against weak Chinese demand that has sub-$70/bbl Brent in its headlights after already claiming WTI this week.
  • In the US, EIA monthly oil data showed crude oil output rising to 12.696mbpd for its highest since Mar’20.
  • WTI is -2.0% at $68.07 off a low of $67.03 that breached yesterday’s $69.02 and came close to $66.46 (76.4% of the May 4-24 rally).
  • Brent is -1.1% at $72.71, off a low of $71.39 that breached $73.2 (May 30 low) and came close to $71.28 (May 4 low) after which lies a key support at $70.10 (Mar 20 low).
  • Most active strikes in the COQ3 today have been $85/bbl calls, but are followed by $70/bbl puts and with some sizeable plays at $65/bbl and $60/bbl puts
  • Gold is +0.3% at $1965.64 having earlier poked above the 50-day EMA at $1971.3 in a move that could next open key short-term resistance at $1985.3 (May 24 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.