MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

Crude Range Trading Ahead Of US EIA Data & OPEC Meeting

OIL
EM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Oil prices have range traded during today’s APAC session after selling off on Wednesday ahead of today’s EIA data and Sunday’s OPEC meeting. WTI is little changed at $79.24/bbl following a low of $79.09 and high of $79.42. Brent is around $83.63/bbl after a high of $83.77. The USD index is up 0.1% after rising 0.5% yesterday.

  • Prices look likely to fall in May and this will probably be taken into account at the June 2 online OPEC+ meeting when it considers whether to extend the full 2mbd output cut into H2. US demand and supply and China’s demand will also be important factors. It is expected to extend the reductions but could still surprise on the details of how long and how much.
  • Bloomberg reported a 6.49mn drop in crude inventories, according to people familiar with the API data. Gasoline stocks fell 452k while distillate rose 2.05mn. The official EIA data are released today.
  • Later the Fed’s Williams and Logan speak. In terms of data, there are revised US Q1 GDP, April trade and jobless claims plus Spain’s May CPI and European Commission May survey.
186 words

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.

Oil prices have range traded during today’s APAC session after selling off on Wednesday ahead of today’s EIA data and Sunday’s OPEC meeting. WTI is little changed at $79.24/bbl following a low of $79.09 and high of $79.42. Brent is around $83.63/bbl after a high of $83.77. The USD index is up 0.1% after rising 0.5% yesterday.

  • Prices look likely to fall in May and this will probably be taken into account at the June 2 online OPEC+ meeting when it considers whether to extend the full 2mbd output cut into H2. US demand and supply and China’s demand will also be important factors. It is expected to extend the reductions but could still surprise on the details of how long and how much.
  • Bloomberg reported a 6.49mn drop in crude inventories, according to people familiar with the API data. Gasoline stocks fell 452k while distillate rose 2.05mn. The official EIA data are released today.
  • Later the Fed’s Williams and Logan speak. In terms of data, there are revised US Q1 GDP, April trade and jobless claims plus Spain’s May CPI and European Commission May survey.