MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

Australia Jun Total Dwelling Approved -6.5%

MNI: AUSTRALIA MAY BUILDING APPROVALS -6.5% M/M, -3.7% Y/Y

MNI: AUSTRALIA JUN DWELLING APPROVALS -6.5% M/M

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Pulls Back With Stronger US Dollar

OIL

Brent and WTI crude front month contracts are back trading negative on the day with no clear direction today and reacting to a stronger US dollar.

  • Weak demand concerns from a potential US recession and slower recovery in China and strong Russian output are weighed against the tighter supplies from OPEC, Iraq and Canada and with US plans to start refilling the SPR after June.
  • Crude Dec23-Dec24 spreads are relatively unchanged on the day, but the Brent prompt spread is finding some support and the WTI prompt spread has returned into backwardation after drifting negative yesterday.
  • The WTI-Brent spread is wider with concern for US demand and after a recent halt to the declining trend in Cushing inventory levels.
    • Brent JUL 23 down -0.3% at 74.78$/bbl
    • WTI JUN 23 down -0.2% at 70.73$/bbl
    • WTI-Brent down -0.02$/bbl at -4.06$/bbl
    • Brent JUL 23-AUG 23 up 0.02$/bbl at 0.24$/bbl
    • Brent DEC 23-DEC 24 down -0.07$/bbl at 2.52$/bbl
    • WTI JUN 23-JUL 23 up 0.03$/bbl at 0.02$/bbl
    • WTI DEC 23-DEC 24 down -0.01$/bbl at 2.99$/bbl
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.