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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 AccessMid-Day Oil Summary: Crude Loses Ground
Crude markets are losing ground during the European morning, reversing some modest gains earlier in the day. Concerns over the future Fed monetary policy and the IEA’s softening demand growth outlook outweigh supply concerns from Canadian wildfires and a potential US stock draw.
- Brent JUL 24 down 0.2% at 82.21$/bbl
- WTI JUN 24 down 0.2% at 77.9$/bbl
- Brent JUL 24-AUG 24 down 0.05$/bbl at 0.37$/bbl
- WTI-Brent up 0.06$/bbl at -4.67$/bbl
- API data showed a 3.1mbbl crude stocks draw last week while gasoline stocks fell 1.27mbbl and distillate rose 349kbbl ahead of the official EIA data released later today.
- The IEA monthly oil report is due for release today as the market looks for indications on global oil demand growth and the future balance.
- Residents at Canadas oil hub of Fort McMurray remain under threat from the current wildfires – potentially placing oil production under threat.
- The outlook for global oil demand growth continues to soften this year according to the IEA in its latest monthly report.
- Crude stocks in ARA increased by 3.98mbbls or 7.8% in the week ended May 10 to 54.85mbbls according to Genscape.
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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.