MNI: RBA LEAVES CASH RATE AT 4.35%

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Energy Aspects Points to China Weakness As Main Oil Price Driver

OIL

The biggest price driver in the oil markets right now is demand rather than supply according to Energy Aspects Director Amrita Sen.

  • “We’ve gone through a period of very weak Chinese demand figures, we do think the worst should be behind us,” Sen said.
  • “There's a lot of fears about a significant [US] slowdown but we don’t think the data warrants that type of fear, we think China has been a lot worse,” Sen added.
  • “The market at the prompt is actually quite tight, you can see that backwardation, we are drawing inventories everywhere but its these demand concerns that are driving prices,” Sen said.
  • Energy Aspects thinks that global inventory draws, such as those forecast for the U.S, will allow OPEC to bring back barrels from October. “I think they will at least do the Q4 tranche,” Sen said but added that demand fears could cap further barrels coming back in 2025.
Energy BulletsHomepagemarkets-real-timeBulletCommodities
Energy BulletsHomepagemarkets-real-timeBulletCommodities

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.