MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

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

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

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

Goldman's Currie Cites China as Oil Market Strength

OIL

The biggest factor behind the recent oil price rally is China, says Goldman Sachs’ Jeff Currie in an interview with CNBC.

  • “Chinese demand has rebounded up to around 15.8mn bpd, which is rather healthy for July and then you combine that with the recent announcements of more stimulus on the property side.” Currie said.
  • “Demand outside of China is holding up much better than most ever feared, particularly around concerns of a [global] recession.” he said.
  • “The other factor I would put into this is what’s going on in the product side. Product margins are very strong. Gasoline prices are at extremely high levels and will put a lot of pressure on pump prices.” Currie added.
  • “We were weak at the end of last year because of the weakness in China and a lot of that has shifted.” he said.
  • “Inventories in July look like they declined by around 2.2mn bpd, that’s just reinforcing the potential for more upside”. Currie said.
  • “High interest rates are keeping an upside on commodity prices.” he added.
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.