Free Trial
JGBS

Futures Recover Early Blip Lower

AUSSIE BONDS

Front End Leads The Bid

US TSY OPTIONS

Pullback In TY Skew Seen During Recent Bid

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Directionless In Asia; Supply Picture Remains Tight

OIL

WTI and Brent have pared an earlier, minor bid to sit virtually unchanged at typing, operating comfortably around the middle of their respective ranges on Thursday.

  • To recap, both benchmarks shed ~$2 on Thursday on worry re: a Fed-led economic slowdown, although fresh comments from Fed Chair Powell pledging “unconditional” commitment to the Fed’s inflation fight ultimately saw WTI and Brent remain clear of their respective five-week lows seen on Wednesday.
  • The prompt spread for Brent has hit multi-month highs at around ~$3.60, widening ~$0.80 on a week-on-week basis, pointing to the potential for near-term tightness in crude supplies.
  • Looking to the U.S., there was little by way of concrete action out of a meeting between Energy Sec. Granholm and oil executives, keeping in mind recent pressure on the Biden administration to rein in energy prices.
  • Elsewhere, RTRS source reports have pointed to no change in plans from OPEC+ re: planned output increases for August, with the group’s well-documented difficulty in hitting collective production quotas likely to limit the impact of the move.
169 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

WTI and Brent have pared an earlier, minor bid to sit virtually unchanged at typing, operating comfortably around the middle of their respective ranges on Thursday.

  • To recap, both benchmarks shed ~$2 on Thursday on worry re: a Fed-led economic slowdown, although fresh comments from Fed Chair Powell pledging “unconditional” commitment to the Fed’s inflation fight ultimately saw WTI and Brent remain clear of their respective five-week lows seen on Wednesday.
  • The prompt spread for Brent has hit multi-month highs at around ~$3.60, widening ~$0.80 on a week-on-week basis, pointing to the potential for near-term tightness in crude supplies.
  • Looking to the U.S., there was little by way of concrete action out of a meeting between Energy Sec. Granholm and oil executives, keeping in mind recent pressure on the Biden administration to rein in energy prices.
  • Elsewhere, RTRS source reports have pointed to no change in plans from OPEC+ re: planned output increases for August, with the group’s well-documented difficulty in hitting collective production quotas likely to limit the impact of the move.