MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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 Recoups Some Losses Whilst Gold Clears Resistance On USD Slide

COMMODITIES
  • Crude markets have regained some of their earlier losses after first a rebound in risk sentiment with the US cash equity open and then the latest EIA data showing a larger than expected draw in crude inventories (-6,1343 vs -2,873 exp). However, it doesn’t stop US oil futures settling at their lowest in a month.
  • Saudi Arabia will likely roll over a voluntary oil cut of 1mbpd into October, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further, five analysts said.
  • Global oil inventories fell sharply in the last month due to OPEC+ production cuts and resurgent demand according to Bloomberg.
  • WTI (V3) is -0.8% at $78.99, off a low of $77.62 which saw it breach support at $78.33 (Aug 3 low) and move closer to $77.36 (50-day EMA).
  • Brent (V3) is -0.9% at $83.34, off a low of $81.94 which breached $82.36 (Aug 3 low) but stopped before $81.62 (50-day EMA).
  • Gold is +1.0% at $1916.77, benefitng from the sharp reversal of USD strength from earlier in the day and a large rally in Treasuries. A high of $1920.40 cleared resistance at $1916.3 (20-day EMA) to open $1932.7 (50-day EMA).
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.