Free Trial
USDCAD TECHS

Northbound

US TSYS

FI Support Evaporates Amid Late Month End Selling

AUDUSD TECHS

Remains Vulnerable

CANADA

Late Risk Off Sees USDCAD Eye Cycle Highs

US TSY OPTIONS

BLOCK, Late Puts

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Little Changed In Asia; U.S. Crude Inventories Eyed

OIL

WTI is ~+$0.20 and Brent is virtually unchanged at typing, with both benchmarks operating a little above their respective Tuesday’s troughs.

  • To recap, WTI and Brent closed between ~$1-2 lower on Tuesday, reversing earlier gains of as much as ~$2.20 apiece, with worry re: economic growth exacerbated after the IMF’s lowered its global growth outlook in ‘22 from 3.6% to 3.2% while stating that the risk of a recession in ‘23 was “particularly prominent”.
  • Adding to the gloom, U.S. new home sales and Conf. Board consumer confidence hit two-year and seventeen-month lows respectively after missing expectations, offsetting the beat from the earlier Richmond Fed m’fing index print, with WTI and Brent falling to session lows after the data release.
  • Both benchmarks currently trade a little below levels observed prior to the latest round of U.S. API inventory estimates on Tuesday, despite reports pointing to a significantly larger-than-expected drawdown in crude stockpiles, more than unwinding the build reported last week. Elsewhere, gasoline and distillate inventories declined, while there was a build in Cushing hub stocks.
  • Looking ahead, the EIA’s Weekly Petroleum Status Report will cross at 1530 BST, with BBG median estimates calling for a build in crude inventories.
195 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

WTI is ~+$0.20 and Brent is virtually unchanged at typing, with both benchmarks operating a little above their respective Tuesday’s troughs.

  • To recap, WTI and Brent closed between ~$1-2 lower on Tuesday, reversing earlier gains of as much as ~$2.20 apiece, with worry re: economic growth exacerbated after the IMF’s lowered its global growth outlook in ‘22 from 3.6% to 3.2% while stating that the risk of a recession in ‘23 was “particularly prominent”.
  • Adding to the gloom, U.S. new home sales and Conf. Board consumer confidence hit two-year and seventeen-month lows respectively after missing expectations, offsetting the beat from the earlier Richmond Fed m’fing index print, with WTI and Brent falling to session lows after the data release.
  • Both benchmarks currently trade a little below levels observed prior to the latest round of U.S. API inventory estimates on Tuesday, despite reports pointing to a significantly larger-than-expected drawdown in crude stockpiles, more than unwinding the build reported last week. Elsewhere, gasoline and distillate inventories declined, while there was a build in Cushing hub stocks.
  • Looking ahead, the EIA’s Weekly Petroleum Status Report will cross at 1530 BST, with BBG median estimates calling for a build in crude inventories.