MNI China Daily Summary: Tuesday, December 24

MNI: PBOC Net Drains CNY291.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Tues; -2.11% Y/Y

MNI: JAPAN NOV SERVICES PPI +3.0% Y/Y; OCT UNREV +2.9%

MNI China Daily Summary: Monday, December 23

MNI: China Steel Demand Seen Falling Next Year

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

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

OIL: Energy Aspects Points Towards Trump Uncertainty for Oil

OIL
BulletEnergy BulletsCommodities

There is a lot of talk coming out of the U.S. at present about tariffs and sanctions, but the market needs to wait and see action Energy Aspects Director Amrita Sen said on Bloomberg TV.

  • The oil market surplus at present is a “media narrative” Sen said, oil inventories across the board are very low she added and builds at pricing hubs have been more related to refinery downtime.
  • OPEC measures to slow the pace at which they bring barrels back to the market is adding support to the market Sen said.
  • The oil market had bene focussed on market surplus but is now looking towards what Trump is going to do in January Sen added.
  • The oil market will struggle to rally because of the high levels of spare capacity in the market at present.
  • “We think Trump sanctions on Iran will tighten next year, allowing OPEC to bring barrels back and reduce spare capacity,” Sen said.
  • “This is the first time in a while, hedge funds have turned bullish,” Sen said referring to market positioning. 
173 words

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.

There is a lot of talk coming out of the U.S. at present about tariffs and sanctions, but the market needs to wait and see action Energy Aspects Director Amrita Sen said on Bloomberg TV.

  • The oil market surplus at present is a “media narrative” Sen said, oil inventories across the board are very low she added and builds at pricing hubs have been more related to refinery downtime.
  • OPEC measures to slow the pace at which they bring barrels back to the market is adding support to the market Sen said.
  • The oil market had bene focussed on market surplus but is now looking towards what Trump is going to do in January Sen added.
  • The oil market will struggle to rally because of the high levels of spare capacity in the market at present.
  • “We think Trump sanctions on Iran will tighten next year, allowing OPEC to bring barrels back and reduce spare capacity,” Sen said.
  • “This is the first time in a while, hedge funds have turned bullish,” Sen said referring to market positioning.