BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

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

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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 Pares Gains On Further SPR Sales

COMMODITIES
  • Crude oil ends the session with WTI moving ~1% lower with the US set to sell 26million barrels from its SPR, with delivery for new sales expected between April and June.
  • Just before the SPR headlines, crude had edged out gains after trading lower through Asia hours in particular before moving higher through both the European and US session as USD weakness developed.
  • In the US, the EIA sees major shale drillers as set to boost oil production in March to an all-time high on expectations for a recovery in petroleum consumption, the latter helped by a robust return of China oil consumption.
  • WTI is -0.6% at $79.23 having pulled back off a high of $80.62 that cleared initial resistance at $80.33 (Feb 10 high) to open key resistance at $83.14 (Dec 1 high). Support at $76.52 (Feb 9 low).
  • Brent is -0.7% at $85.81, having earlier pushed through $86.90 (Feb 10 high) with $86.95 to tentatively open the bull trigger at $89.00. Support at $83.05 (Feb 9 low).
  • Gold is -0.7% at $1852.86 ahead of tomorrow’s US CPI, despite USD weakness and relatively little change in US Tsy yields. Potentially some technical levels at play having pushed through the 50-day EMA at $1855.5 to open a key near-term support at $1825.2 (Jan 5 low).
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.