MNI BRIEF: BOI Sees "Modest" Q2 EZ Growth Driven By Services

MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: EU-Bond Auction, BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

Gains From OPEC+ & Saudi Cut Fizzle Out With Demand Concerns

COMMODITIES
  • Crude oil gains are fizzling out, after early large increases following Saudi Arabia pledging an additional 1mbpd voluntary production cut in July. The move came after the weekend OPEC+ meeting at which other members pledged to extend existing cuts until the end of 2024. UAE secured a higher quota for next year as the lower targets for Russia, Nigeria and Angola represent little change in actual output with targets brought into line with current production levels.
  • IEA’s Birol says crude prices are likely to rise a lot more, with the market already expecting an imbalance in the oil market in 2H23 and these new measures further deepening the gap.
  • Nevertheless, WTI is up just +0.35% at $72.01 off its intraday high of $75.06 straight off the open. It doesn’t trouble support at $70.00 (Jun 2 low). The day’s most active strikes in the CLN3 have been for $80/bbl calls.
  • Brent is +0.6% at $76.59 off an intraday high of $78.73 and above support at $74.18 (Jun 2 low).
  • Gold is +0.7% at $1961.85, a decent size increase with only modest USD net depreciation on the day and Treasury yields paring earlier declines on the ISM services miss. A pre-ISM low of $1938.25 came closer to but didn’t trouble support at $1932.2 (May 31 low) whilst resistance remains at the key short-term $1985.3 (May 24 high).
Energy BulletsCommodities
Energy BulletsCommodities

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.