CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI BRIEF: BOJ Tankan To Show Slipping Sentiment

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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

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

Falling US Physical Crude Prices Support Buying Interest from Asia

OIL

US physical crude prices have fallen this week as Saudi Arabia reaffirmed support for OPEC+ efforts to keep prices stable helped to reassure markets that supplies might be boosted in the event of supply disruption according to Bloomberg.

  • The WTI premium over Middle East’s Dubai crude for loading in November has fallen by 2$/bbl to 7$/bbl since the end of last month according to Bloomberg sources. The premium over Abu Dhabi’s Murban oil has also closed to 4.25$/bbl according to pricing agency General Index.
  • The WTI-Brent front month spread has fallen from as high as -3.12$/bbl last week down to -4.25$/bbl today. Light sweet crude prices to Europe for cargoes loading in November are showing a premium to ICE Brent of about 0.5$/bbl down from 2$/bbl last week.
  • The price decline is boosting interest in US supplies with at least five supertankers (about 10mbbls of oil) to buyers in Asia since Wednesday. Tight inventories and the return of refineries from maintenance could however limit any increase in exports.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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.