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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.
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Free AccessEquity & USD Dynamics Weigh
The post-FOMC minutes theme of a bounce in the USD and downtick in U.S. equities has weighed on crude, with WTI & Brent trading ~$0.40 below their respective settlement levels at typing.
- Wednesday's OPEC+ JMMC gathering saw the group press the serial overproducers re: their compliance to the production deal. We also saw the Russian Energy Minister stress that his country has exhibited 100% compliance with the pact month-to-date.
- Wednesday also saw the latest DoE inventory report reveal a shallower than expected drawdown in headline crude stocks, a deeper than expected drawdown in gasoline stocks and a surprise, modest build in distillate stocks. There was also a modest drawdown in stocks at the Cushing hub.
- On the infrastructure front, Valaris, the world's largest offshore rig owner (in fleet size) filed for Chapter 11 on Wednesday.
- Participants will look to U.S.-Iranian tensions, with the Trump administration set to declare the snapback of sanctions on Iran on Thursday.
To read the full story
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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.