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 pushes towards higher end of range

OIL

Crude prices worked their way higher yesterday and this morning towards the higher end of the recent trading range.

  • The market is still balancing the impact of delayed EU plans for a ban on Russian oil, the certainty over Chinese demand and global economic growth, and the struggling OPEC+ production. US oil product demand is expected to increase during the summer months adding to the already tight product market.
  • Brent JUL 22 up 0.5% at 114.08$/bbl
  • WTI JUL 22 up 0.5% at 110.33$/bbl
  • Gasoil JUN 22 up 0.2% at 1095.25$/mt
  • The EU are giving mixed messages regarding the prospects of a Russian oil embargo. Some EU members were hoping for an agreement ‘within days’ or at the leader’s summit next week, but Hungary continues to oppose a ban stating negotiation are likely to continue into June.
  • OPEC+ have so far been unable and unwilling to increase production beyond existing plans. Saudi Arabia yesterday stated that there is enough crude oil in the market and that tightness is coming from refined products and not crude.
  • WTI discount to Brent widened after US announced plans to offer 39mbbls of sour crude for Jul delivery and 1.1mbbls of sweet crude for June delivery as part of their planned barrel release..
  • WTI-Brent down -0.13$/bbl at -3.75$/bbl
  • Brent JUL 22-AUG 22 up 0.05$/bbl at 2.92$/bbl
  • Brent DEC 22-DEC 23 up 0.21$/bbl at 12.45$/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.