MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

MNI: US March Existing Home Sales Fell 4.3% To 4.19M

WILLIAMS: NOT BASE CASE TO RAISE RATES FURTHER

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

US EIA:NAT GAS STORAGE +50 BCF TO 2,333 BCF APR 12 WK

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Recovers on Speculation of OPEC+ Cut and China Easing

OIL

Crude jumped back up 4$/bbl on the reports yesterday that OPEC+ may consider cutting production targets at the next meeting on Dec 4 and on speculation China could ease covid restrictions after recent protests.

  • Falling prices and weaker demand expectations due to an economic slowdown could increase the chances of a further production cut from the OPEC+ group following the cuts to November and December targets. OPEC+ could cut another 2mbpd according to consultant FGE.
    • Brent JAN 23 up 1.8% at 84.72$/bbl
    • WTI JAN 23 up 1.6% at 78.44$/bbl
    • Gasoil DEC 22 up 0.2% at 888.75$/mt
    • WTI-Brent down -0.32$/bbl at -6.25$/bbl
  • Russian output has held up relatively well ahead of EU sanctions and a high oil price cap could help maintain supply and reduce the risk of a supply cut in retaliation from Russia. EU members are yet to agree a cap price on Russian oil despite further discussions last night. The latest level to be debated of 62$/bbl is still considered too high for some nations such as Poland, Estonia and Lithuania.
    • Brent JAN 23-FEB 23 down -0.01$/bbl at -0.71$/bbl
    • Brent FEB 23-MAR 23 up 0.09$/bbl at 0.19$/bbl
    • Brent JUN 23-DEC 23 up 0.28$/bbl at 2.67$/bbl
  • Time spreads have also recovered some ground on the speculation of a tighter market supply to recover the losses from earlier in the day. The prompt Brent spread has continued to fall ahead of the Jan23 future contract expiry tomorrow.
  • Both diesel and gasoline crack spreads are holding steady today after drifting lower yesterday. Demand concerns are weighing on crack spreads despite ongoing tight supplies and low stocks.
    • US gasoline crack unchanged at 18.2$/bbl
    • US ULSD crack up 0$/bbl at 54.46$/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.