MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Services Drive Downside Surprise in CPI-ATE

MNI: NORWAY JUN CORE CPI +0.2% M/M, +3.4% Y/Y

MNI: NORWAY JUN CPI +0.2% M/M, +2.6% Y/Y

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 Steady With Supply Risks Weighed Against Global Demand Concern

OIL

Brent crude front month futures are holding within the 73.5$/bbl to 74.8$/bbl range so far today with Russian supply risks adding to lower OPEC production in H2 and efforts to boost demand in China offset against global economic concerns and the risk of weak demand amid potential further central bank rate hikes.

  • The Brent Aug-Sep time spread has regained some ground from the lowest since January but is still in contango suggesting ample near term supplies.
  • The WTI-Brent spread is drifting lower back down to -4.8$/bbl from a high of -4.5$/bbl last week.
  • Technical analysis suggests the bear threat remains with Brent Aug 23 contract support at 71.5$/bbl and resistance at 77.24$/bbl.
    • Brent AUG 23 up 0.4% at 74.13$/bbl
    • WTI AUG 23 up 0.2% at 69.32$/bbl
    • WTI-Brent up 0.02$/bbl at -4.79$/bbl
    • Brent AUG 23-SEP 23 up 0.04$/bbl at -0.12$/bbl
    • Brent DEC 23-DEC 24 up 0.04$/bbl at 2.76$/bbl
    • WTI AUG 23-SEP 23 unchanged at -0.16$/bbl
    • WTI DEC 23-DEC 24 up 0.02$/bbl at 2.91$/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.