MNI BRIEF: Inflation Risks Now Shifted To Downside-BOE Ramsden

MNI: Goolsbee Says Stalled Inflation Means Wait Before Moving

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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

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

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on 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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Lags Broader Risk Rally

OIL

Brent crude last tracked just below $94/bbl, still broadly stuck between its simple 50-day MA ($92.60/bbl) and the 100-day MA ($97.35/bbl). We are slightly above NY closing levels, +0.30%, which is building on Thursday's +1.10% gain. WTI is around $86.70, tracing out a similar trajectory.

  • Still, oil has lagged the broader risk rally over the past 24 hours, post the US CPI miss, particularly relative to the equity space and some base metals like copper. Brent crude is currently tracking -4.7% down for the week.
  • There is concern around the demand backdrop, with oil not receiving much benefit this week from on-going speculation around a potential shift in China's CZS.
  • Earlier next week also has a number of important event risks for crude. On Monday the OPEC monthly report will be published, this is followed by the IEA monthly report on Tuesday.
  • The G20 meeting also kicks off in Bali on Tuesday, while we also get an update on monthly economic activity in China, with industrial production, among other indicators due.
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.