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 Stable Ahead of US CPI and Inventory Data

OIL

Front month Brent is little changed so far today ahead of the US CPI data with focus still on upside price risks driven by Middle East geopolitical tensions and tight supply amid uncertain global demand expectations.

    • Brent JUN 24 up 0.3% at 89.69$/bbl
    • WTI MAY 24 up 0.3% at 85.5$/bbl
    • Gasoil APR 24 down 0.6% at 835.75$/mt
    • WTI-Brent up 0.02$/bbl at -4.96$/bbl
  • Gaza ceasefire talks remain deadlocked after Hamas on Tuesday did not agree with an Israeli proposal but it would study the offer further.
  • Iran’s Islamic Revolutionary Guard Corps naval forces said that Iran is choosing not to disrupt flows through the Strait of Hormuz in the Persian Gulf.
  • Upside pressure has been eased slightly with a rise of 3mbbls in US stocks according to industry sources citing API data. EIA also showed a modest upward revision of 20kb/d in US crude production to 13.21mb/d in 2024.
  • EIA STEO also showed global oil demand growth for 2024 has been revised down by 480kb/d to 0.95mb/d. The Brent crude price is expected to average $88.55/bbl in 2024, up from a previous forecast of $87/bbl.
    • Brent JUN 24-JUL 24 up 0.04$/bbl at 0.93$/bbl
    • Brent JUN 24-DEC 24 up 0.09$/bbl at 5.02$/bbl
  • Diesel cracks continued their fall yesterday, despite uncertainty around Russia’s refinery output. Meanwhile, China is expected to issue its second batch of refined oil export quotas totalling 18m mt.
  • EIA data today is expected to show further draws in both US distillates and gasoline inventories.
    • US gasoline crack down 0.2$/bbl at 30.06$/bbl
    • US ULSD crack down 0.1$/bbl at 26.91$/bbl
Energy BulletsHomepageBulletCommodities
Energy BulletsHomepageBulletCommodities

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.