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

CANADA GIVING UKRAINE CAD650 MILLION OVER 3 YEARS

FED'S DALY SAYS PATIENCE IS A PRUDENT STRATEGY RIGHT NOW

MNI BRIEF: ECB “Can’t Rule Out Cuts” On Latest Info - De Cos

EZ/UK T-Bill Calendar: Germany And France To Issue On Monday

MNI: US SEP FLASH S&P MANUF PMI 48.9 (FCST 48.2); AUG 47.9

MNI: CANADIAN JUL RETAIL SALES +0.3%; SALES EX-AUTOS/PARTS +1.0%

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

End of Day Oil Summary: Crude Rebounds Despite EIA Stock Build

OIL
BulletEnergy BulletsHomepageCommodities

Crude is back positive on the day after an initial pull back after a build in US crude stocks. The key driver is still the tight supplies and the drawdown in global inventories with support from demand optimism from US and strong China crude imports.

  • Brent NOV 23 up 0.4% at 92.46$/bbl
  • WTI OCT 23 up 0.5% at 89.28$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 08: Crude stocks +3,955 vs Exp -1,993
  • Crude inventories in the European ARA region fell 1.2mbbls in the week ending 8 Sep according to the latest Genscape data.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST.
  • Aug Headline CPI was 0.6% M/M (0.6% consensus, 0.167% prior). Core CPI Inflation was stronger than expected in August although with a ‘low’ 0.3% at 0.28% M/M (cons 0.2) after two months of 0.16% M/M
  • Global oil demand will outpace supply by 1.24mbpd in the second half of this year, given strong demand from China according to the IEA Monthly Oil Market Report.
  • Brent prices could exceed $100/b before 2024, driven by OPEC+ supply cuts and a more positive demand backdrop in Asia, Bank of America said in a note Sep. 12.
  • US crude oil exports are expected to slump to 3.7-3.8mbpd in September, a four-month low, amid less demand from China, an analyst at Vortexa said.
  • Russian oil production is set to decline by 1.5% y/y in 2023 to 527mn metric tones from 535 million in 2022, Russian Energy Minister Nikolai Shulginov said.
  • Oman’s new 230kbpd Duqm oil refinery shipped out its first diesel cargo on Tuesday amid trial runs at the complex according to several trade sources and ship tracking data.
  • Nigeria produced 1.41mn bpd of crude oil and condensates in August, up from a revised 1.3mn bpd in July according to data from the upstream commission.
  • MNI COMMODITY WEEKLY: As Supply Cuts Wage on, IEA, EIA and OPEC Take Stance on Market Outlooks https://enews.marketnews.com/ct/x/pjJscQHbxb8I6ahuJht1Gg~k1zZ8KXr-kA8x6nGCcT3ptIPjO1OcQ
329 words

To read the full story

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.

Crude is back positive on the day after an initial pull back after a build in US crude stocks. The key driver is still the tight supplies and the drawdown in global inventories with support from demand optimism from US and strong China crude imports.

  • Brent NOV 23 up 0.4% at 92.46$/bbl
  • WTI OCT 23 up 0.5% at 89.28$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 08: Crude stocks +3,955 vs Exp -1,993
  • Crude inventories in the European ARA region fell 1.2mbbls in the week ending 8 Sep according to the latest Genscape data.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST.
  • Aug Headline CPI was 0.6% M/M (0.6% consensus, 0.167% prior). Core CPI Inflation was stronger than expected in August although with a ‘low’ 0.3% at 0.28% M/M (cons 0.2) after two months of 0.16% M/M
  • Global oil demand will outpace supply by 1.24mbpd in the second half of this year, given strong demand from China according to the IEA Monthly Oil Market Report.
  • Brent prices could exceed $100/b before 2024, driven by OPEC+ supply cuts and a more positive demand backdrop in Asia, Bank of America said in a note Sep. 12.
  • US crude oil exports are expected to slump to 3.7-3.8mbpd in September, a four-month low, amid less demand from China, an analyst at Vortexa said.
  • Russian oil production is set to decline by 1.5% y/y in 2023 to 527mn metric tones from 535 million in 2022, Russian Energy Minister Nikolai Shulginov said.
  • Oman’s new 230kbpd Duqm oil refinery shipped out its first diesel cargo on Tuesday amid trial runs at the complex according to several trade sources and ship tracking data.
  • Nigeria produced 1.41mn bpd of crude oil and condensates in August, up from a revised 1.3mn bpd in July according to data from the upstream commission.
  • MNI COMMODITY WEEKLY: As Supply Cuts Wage on, IEA, EIA and OPEC Take Stance on Market Outlooks https://enews.marketnews.com/ct/x/pjJscQHbxb8I6ahuJht1Gg~k1zZ8KXr-kA8x6nGCcT3ptIPjO1OcQ