MNI BRIEF: Japan June Core CPI Rises 2.6% Vs. May +2.5%

MNI BRIEF: Fed's Bowman Wants A More Effective Discount Window

MNI BRIEF: Fed Risks Soft Landing If It Doesn’t Cut - Goolsbee

MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

CLARIFY: JAPAN JUNE SERVICES PRICES +1.7% Y/Y; MAY +1.6%

MNI JAPAN JUNE CORE CPI +2.6% Y/Y; MAY +2.5%

MNI: UK JUL GFK CONSUMER CONFIDENCE INDEX -13

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

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

Crude Resume Decline on Weak Demand Concern

OIL

Crude markets have resumed the recent move lower due to concerns about rising interest rates, the global economy and the impact on global oil demand. Brent crude is trading down towards the lows from last week at 80.5$/bbl after recovering to around 82$/bbl on Friday. The potential for tighter supplies due to OPEC+ production cuts starting in May are providing some support while uncertainty remains over the speed of recovery in China.

    • Brent JUN 23 down -1.2% at 80.64$/bbl
    • WTI JUN 23 down -1.3% at 76.86$/bbl
    • Gasoil MAY 23 down -1.3% at 714.75$/mt
    • WTI-Brent up 0.06$/bbl at -3.79$/bbl
  • Weak demand and returning refinery output still weighs on refining margins although Russian refinery runs have been cut amid oil output cut targets and due to maintenance. US refiners have gradually return from maintenance, French refiners have return following strike outages and refiners in India and new Middle East refineries have increased output. Diesel spreads are the lowest since March 2022 while gasoline spreads are the lowest since late Feb of early March.
    • US gasoline crack down -0.7$/bbl at 29.46$/bbl
    • US ULSD crack down -0.3$/bbl at 26.21$/bbl
  • Crude backwardation continues to soften with time spreads the lowest since the start of the month but still holding above levels seen before the OPEC production cut announcement.
    • Brent JUN 23-JUL 23 down -0.01$/bbl at 0.19$/bbl
    • Brent JUN 23-DEC 23 down -0.1$/bbl at 2.22$/bbl
    • Brent DEC 23-DEC 24 down -0.24$/bbl at 3.75$/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.