FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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 Pulls Back After Resistance Clearance Despite Large Inventory Drop

COMMODITIES
  • Crude again sees a volatile day but heads towards the end of the US session mid-range for small increase on the day with little clear positive impulse from another substantial inventory drop (DOE crude inventories -10.58M vs cons -1.6M). Softer growth implications from downward revisions to Q2 GDP growth/core PCE inflation and lower than expected ADP employment growth have mostly countered any tailwind from further USD weakness.
  • There have been concerns about Hurricane Idalia which has barreled through the rich oil and gas producing Gulf of Mexico but there has been limited production and supply impact so far.
  • Barclays raised its 2024 Brent price forecast to $97/bbl, up by $8/bbl previously as market balances are expected to further tighten next year, the bank said in a note.
  • Russian Deputy PM Novak said it plans to cut oil exports in Sept by 300kbpd against June levels according to Interfax. Russia is likely to export around 3.1mbpd of crude oil in Sept, which is around 300kbpd lower than June levels, according to Bloomberg vessel tracking.
  • WTI is +0.3% at $81.39 off a high of $82.05 that easily cleared resistance at $81.75 (Aug 21 high) to set up a run to its bull trigger at $84.16 (Aug 10 high).
  • Brent is +0.0% at $85.49 off its high of $86.23 that cleared $85.86 (Aug 21 high) to open the bull trigger at $88.10 (Aug 10 high).
  • Gold is +0.3% at $1944.10 off a high of $1948.95 as the USD slipped after weaker data. It just about cleared $1948.3 (61.8% retrace of Jul 20- Aug 21 bear leg) but will need a more concerted push higher to test next resistance at $1963.3 (76.4% retrace of the same move).
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.