MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

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

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

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF 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

© 1982-2024 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.