BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI BRIEF: Limited Economic Impact Of French Crisis - EC

MNI INTERVIEW2: Riksbank Sales Boosting Liquidity - Debt Head

MNI China Daily Summary: Thursday, Dec 5

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

US EIA:NAT GAS STORAGE -30 BCF TO 3,937 BCF NOV 29 WK

MNI: CANADIAN OCT TRADE BALANCE CAD -0.9 BILLION

MNI: US OCT TRADE GAP -$73.8B VS SEP -$83.8B

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 Reverses Gains On EIA Data, Gold Resilient To USD Climb

COMMODITIES
  • Front crude oil futures have seen a sharp reversal of earlier gains for small losses on the day.
  • The paring of gains started from a smaller than expected decrease in EIA crude stocks of -708k vs 2.369m forecast. The data further showed implied US gasoline consumption under 9mbpd for a second straight week, with the 4-week average down to 9.1mbpd or 4% below the same time in 2019.
  • Gains had earlier been supported in a supply constraint backdrop after Russia’s pledge to cut crude output and exports is starting to show. Reported yesterday, Russian seaborne crude shipments in the four-week period to 16 July fell to a six-month low, whilst Russian Urals oil prices rose back above the G7 price cap of $60/bbl today.
  • WTI is -0.6% at $75.30 off a high of $76.97 to move closer to but not trouble resistance at $78.03 (Fibo retracement of Apr 12 – May 4 bear leg).
  • Brent is -0.2% at $79.47, off a high of $80.93 vs resistance at $82.06 (Fibo retracement of Apr 12 – May 4 downleg).
  • Gold is near unchanged at $1978.03 as the USD index eeking out gains has been somewhat offset by lower Treasury yields. It has kept to a relatively narrow range, having yesterday cleared resistance at $1968.0 (Jun 16 high) to open key resistance at $1985.3 (May 24 high).
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.