MNI: Philly Fed Forecasters Lower Inflation, Jobless Estimates

CANADA UNEMPLOYMENT RATE FALLS FOR FIRST TIME IN A YEAR

MNI BRIEF: China New Loans, TSF Record High; M2 Over 2-Yr Low

Eurozone Timeline of Key Events (Times GMT)

MNI: BAKER HUGHES US RIG COUNT 623; OIL RIGS 499; GAS RIGS 121

W/C February 12, 2024

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

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MNI: Philly Fed Forecasters Lower Inflation, Jobless Estimates

CANADA UNEMPLOYMENT RATE FALLS FOR FIRST TIME IN A YEAR

MNI BRIEF: China New Loans, TSF Record High; M2 Over 2-Yr Low

Eurozone Timeline of Key Events (Times GMT)

MNI: BAKER HUGHES US RIG COUNT 623; OIL RIGS 499; GAS RIGS 121

W/C February 12, 2024

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

NYMEX September light sweet crude......>

US OIL CLOSE
US OIL CLOSE: NYMEX September light sweet crude oil futures settled up $0.27 at
$47.64 per barrel, after trading in a $47.20 to $48.03 range.
- The August 17 low of $46.46 was the lowest since July 25, when West Texas
Intermediate bottomed at $46.38. 
- The front contract settles Tuesday and most are already trading the October
contract, which settled at $47.83 per barrel. West Texas Intermediate remained
above its 55-day moving average, currently at $46.54, after closing below that
mark last Thursday for the first time since late July.
- The front contract peaked August 10 at $50.22. This came after topping out at
$50.43 August 1 and $50.41 July 31, which was also the last time West Texas
Intermediate closed above the $50 mark. Risk aversion and a lack of topside
follow-through, more so than a larger shift in oil fundamentals, has weighed on
prices recently.
- Most recently, WTI topped out at $52.00 May 25, before the announcement of a
nine-month extension of OPEC/non-OPEC production cuts. The extension was largely
priced in and oil fell to $42.05 on June 21.

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