MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

MNI China Press Digest July 16: LPR, Q2 Data, Property

MNI: PBOC Sets Yuan Parity Higher At 7.1328 Tue; -1.79% Y/Y

CHINA PBOC CONDUCTS CNY676 BILLION VIA 7-DAY REVERSE REPOS TUE

CHINA SETS YUAN CENTRAL PARITY AT 7.1328 TUE VS 7.1313

Inflation and Labour Market Preview

TLFS update on Thursday

MNI: GERMANY JUL ZEW CURRENT CONDITIONS -68.9

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 Reverses Yesterday’s Lift On Gaza Ground Invasion Headlines

COMMODITIES
  • Crude markets have been dropping further during US hours, as some of the additional geopolitical risk premium continues to fall. Focus also remains on an uncertain demand picture. Crude has retreated following a partial rebound after the release of stronger than expected GDP growth, although which landed at the same time as a surprise lift in continuing jobless claims.
  • Overnight saw confirmation that the Israeli military had put a “relatively large” contingent of troops and tanks into northern Gaza in order to attack several Hamas militant targets in the area. The incursion at present looks short of a full ground operation in the territory.
  • The oil futures market may have priced in a war premium in recent weeks, but the fall today is more reflective of the sell-off observed in the physical market.
  • MNI COMMODITY ANALYSIS: Russian Crude Exports Breaching Commitments as Refining Still Lags. Full piece here.
  • WTI is -2.5% at $83.23 but having only unwound yesterday’s invasion headlines driven increase remains above key support at $80.20 (Oct 6 low).
  • Brent is -2.5% at $87.90, above support at $85.18 (Oct 12 low) after which lies the bear trigger at $83.44 (Oct 6 low).
  • Gold is +0.35% at $1986.45, gaining late in the session as the USD fades to help the yellow metal lift further off lows $1971.87 back to levels from earlier in the session. Resistance is seen at $1997.2 (Oct 20 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.