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Why MNI
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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 AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
MNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
Hawkish FOMC Rhetoric Takes The Wind Out Of Oil, Gold
- Crude Oil has slipped circa 1% today, with declines starting ahead of EIA inventories data that unwound gains through the European session, continuing to trend lower after some volatility on the release and then with a further tilt lower on hawkish FOMC projections.
- There was a larger than expected build in crude stocks, whilst diesel crack spreads fell back from earlier gains after a drop in implied demand. The crude build was driven by a large fall in refinery utilisation and despite higher exports with another large increase in the unaccounted oil adjustment. Cushing stocks were the highest since June 2021 after another build this week. The fall in refinery utilisation reflects outages in the week as well as the 240kbpd inclusion of the new Beaumont crude unit.
- WTI is -1.1% at $68.41 having lifted circa $50 cents off post-FOMC lows but doesn’t trouble support at $66.80 (Jun 12 low).
- Brent is -1.0% at $73.53 after a similar bounce to WTI and again, doesn’t trouble support at $71.50 (May 31 low).
- Gold is +0.1% at $1944.7 after a mixed session with a paring of post-PPI gains after the FOMC decision saw an increase in front end Treasury yields and some trimming of earlier USD weakness. It remains above support at $1932.2 (May 31 low).
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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.