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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.
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Lower On Fading EU Sanction Worry, Ongoing Outbreak In China
WTI is ~-$0.30 and Brent is ~-$0.50, sitting ~$2 above Thursday’s trough at writing. Both benchmarks appear headed for their second straight lower weekly close (and on track for a fourth consecutive lower daily close), and trade a touch above levels last witnessed before the Russian invasion of Ukraine.
- Earlier worry surrounding the likelihood of an EU ban on Russian crude imports has eased from highs seen earlier in the week, with well-documented German and Hungarian-led opposition to the measure remaining intact for now. A note that BBG source reports have also pointed to Russian Sokol crude finding more buyers in Asia, with cargoes for May currently sold out.
- Looking ahead, the EU is due to soon pass a (phased) ban on Russian coal that RTRS source reports have suggested will take full effect in mid-August, while the EU’s top diplomat Borrell has said that the bloc’s FMs will meet on Apr 11 to discuss the possibility of sanctions on Russian crude.
- Elsewhere, concern re: China’s energy demand have intensified, as nationwide daily COVID case counts continue to rise. Authorities in Shanghai reported over 20K fresh cases (both symptomatic and asymptomatic) for Apr 7 with the city’s lockdown remaining indefinite for now, keeping most business and factories shuttered.
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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.