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 BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

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

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

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

Middle East Risk Premium Boosts Crude Prices Ahead of IEA Report

OIL

Brent is trading higher again today after a pull back yesterday but is net down on the week. The risk premium from the potential for an escalation in Middle East conflict is partly offset by a stronger USD ahead of the updated monthly oil report from IEA today.

    • Brent JUN 24 up 0.8% at 90.49$/bbl
    • WTI MAY 24 up 1% at 85.87$/bbl
    • Gasoil MAY 24 up 0.9% at 829.75$/mt
    • WTI-Brent up 0.04$/bbl at -5.21$/bbl
  • Oil prices had ease yesterday with no military strikes from Iran or proxies but the US believes that an attack against military and government targets in Israel are imminent. Reuters reported that a response from Iran will be aimed at avoiding major escalation.
  • US officials reportedly met with Venezuelan officials this week, with democratic reforms discussed ahead of the deadline around US sanctions on the country's oil industry on April 18.
  • OPEC maintained its oil demand growth forecast for 2024 and for 2025 steady, while slightly lowering the non-OPEC supply forecast for this year according to the latest OPEC Monthly Oil Market Report.
    • Brent JUN 24-JUL 24 down 0.01$/bbl at 0.9$/bbl
    • Brent JUN 24-DEC 24 up 0.04$/bbl at 4.94$/bbl
  • Brent and WTI curve backwardation has eased slightly from the steep levels seen late last week but remains in a bullish trend with spreads strengthening since mid December.
  • Diesel cracks are continuing their recent trend of softening amid seasonally lower demand while gasoline cracks have regained ground in recent days with a tight US market expected into the summer driving season.
    • US gasoline crack down 0$/bbl at 31.46$/bbl
    • US ULSD crack up 0.5$/bbl at 27.09$/bbl
Energy BulletsHomepageBulletCommodities
Energy BulletsHomepageBulletCommodities

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.