RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Mid-Day Oil Summary: Crude Rising on Week

OIL

Crude is edging up again today ahead of the Brent August future contract expiry, although has struggled to show clear direction over the last week.

  • Brent AUG 24 up 0.7% at 87.03$/bbl
  • WTI AUG 24 up 0.8% at 82.43$/bbl
  • Geopolitical risks including conflict in the Middle East and Russian energy infrastructure strikes are supportive while the market looks for indications of future demand from updated data in the US and China.
  • China official PMI prints for June are expected on Sunday with manufacturing expected unchanged while US PCE data today will be a key focus point for the Fed outlook.
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • Saudi may cut OSP’s for Asia for a second month in August following weakness in Middle East benchmark Dubai according to a Reuters survey.
  • Iran’s crude/condensate exports accounted for 9% of OPEC’s crude/condensate exports in February 2024 and again in May 2024, the highest share since August 2018 according to Vortexa.
  • Venezuela crude production is up to 1mb/d, according to President Nicolas Maduro on state TV cited by Bloomberg.
  • The Panama Canal recovery is unlikely to restore the number of LNG transits of the choke point, according to BNEF.
  • It’s hard to say there is no political risk premium priced into oil at present according to Marcus Garvey, Managing Director of Macquarie Group in a CNBC interview this week.
Energy BulletsHomepagemarkets-real-timeBulletCommodities
Energy BulletsHomepagemarkets-real-timeBulletCommodities

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.