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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.
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Free AccessCrude Stronger Ahead Of Payrolls, Fundamentals Remain Negative
Oil prices are up around 1.5% during APAC trading ahead of the US payroll report later as signals suggest the market is oversold. They look like they will again post a weekly decline though driven by oversupply concerns. Brent has broken above $75/bbl and is currently at $75.31, and WTI is above $70 at $70.40. The USD index is 0.1% lower.
- While supply has been the focus since OPEC’s decision last week, demand is also posing risks to the market. US recession concerns persist and a Bloomberg survey is showing expectations that China’s crude consumption will grow by 500kbd in 2024, less than a third of this year’s rise.
- Russian Urals prices have fallen below the $60 price cap. Last month Russia’s output exceeded what it had promised.
- Brent is now down over 17% since mid-September and this is feeding through to fuel prices, which we are already seeing in lower headline CPI data.
- There is now a significant risk to the easing of oil & gas sanctions on Venezuela, as it acts to illegally take territory in Guyana.
- Later the key data are the November US payrolls which are expected to rise 183k with the unemployment rate remaining at 3.9%. There will also be Michigan consumer sentiment and inflation expectations. The ECB’s de Guindos will attend the ECOFIN meeting.
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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.