MNI China Daily Summary: Monday, June 17

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CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

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Crude Weighed By OPEC+ Discord Whilst Gold Nudges Higher

COMMODITIES
  • Crude remains weaker Thursday but has recouped much of the earlier losses after a delay in the OPEC+ meeting rattled markets this week. A strong US crude stock build reported this week has also weighed on the WTI-Brent spread.
  • Nigeria and Angola are the main nations pushing for higher production quotas, disrupting normal OPEC+ meeting proceedings. Both nations are aiming to boost their production in the short term.
  • Nigeria’s proposed 2024 target will reduce to 1.38mn bpd – from 1.74mn bpd previously but will rise to 1.58mn bpd if three independent consultancies can confirm its capacity to produce at this level.
  • An Angolan official stated the country’s intent to remain in OPEC, somewhat settling the markets Thursday.
  • Outwith the difficulties faced by OPEC to assuage African nation concerns, Saudi and Russia are expected to sustain or deepen cuts into 2024 when they meet November 30.
  • WTI is -1.1% at $76.24 off a low of $75.30 but having remained easily within yesterday’s wide ranges. Resistance seen at $78.55 after which lies a key short-term $79.65 (Nov 14 high).
  • Brent is -0.7% at $81.42 off a low of $80.19 but having also remained easily within yesterday’s wide ranges. Key short-term resistance seen at $83.97 (Nov 14 high).
  • Gold is +0.1% at $1992.25, paring earlier gains with a modest intraday recovery in the USD index. Resistance remains at the bull trigger at $2009.4 (Nov 7/Oct 27 high) having come close in the prior two sessions.
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