FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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 Stabilising As Geopolitics Settle, Supply In Focus

OIL

Oil prices are up moderately during today’s APAC session after falling 0.1% on Monday. While fighting in Gaza continues and there is no further escalation of tensions between Israel and Iran, crude may range trade again. WTI is up 0.5% to $82.29/bbl after falling to $81.86 and Brent is 0.4% higher at $87.39 but tested $87 earlier. The USD index is down slightly.

  • The US extended sanctions on Iran’s oil to include financing but analysts don’t expect the new measures to have a material impact on Iran’s crude exports, according to Bloomberg.
  • Derivatives markets are easing with the premium Brent calls had over puts disappearing but the spread between the two nearest futures contracts continues to signal a tight market, as stated by Bloomberg.
  • With geopolitical developments not currently driving energy prices, attention returns to fundamentals. US API inventory data is released later today. There has been sizeable crude stock builds in recent weeks while product inventories continue to decline.
  • Later US preliminary April Global S&P PMIs, new home sales and Philly & Richmond Fed indices as well as European PMIs print. BoE’s Pill and Haskel speak.
HomepageCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.