MNI BRIEF: Inflation Risks Now Shifted To Downside-BOE Ramsden

MNI: Goolsbee Says Stalled Inflation Means Wait Before Moving

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Edges Lower, US Inventory Numbers Eyed Later

OIL

Brent is lower, currently sitting not too far from lows for the week. We were last around $79.35/bbl. We remain comfortably within recent ranges, with resistance at $81.74 (20-day EMA) and support at $77.61 (Jan 5 low). WTI is following a similar trajectory, last around $74.35/bbl.

  • Sentiment may have been weighed by the surge in US oil inventories reported by the API survey during Tuesday's US session. The EIA numbers later today in the US will likely carry more weight. If they confirm a strong inventory build it may weigh more on current spot momentum.
  • Prompt spreads continue to signal a comfortable supply backdrop, although the sell-side consensus remains bullish in terms of the 2023 oil outlook. ING was the latest to join the bullish ranks, forecasting Brent crude will average more than $100/bbl in 2023.
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.