MNI BRIEF: Japan Oct Core CPI Rises 2.3%, Services Rise

FED'S SCHMID - WE STILL HAVEN'T BEAT INFLATION BACK TO 2%

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

MNI: UK NOV GFK CONSUMER CONFIDENCE INDEX -18

MNI JAPAN OCT CORE CPI +2.3% Y/Y; SEPT +2.4%

MNI: FED BALANCE SHEET TOTAL ASSETS -$43B TO $6.924T IN WEEK

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

Off Worst Levels; OPEC+ Decision Eyed

OIL

WTI is ~-$0.30 and Brent is ~-$0.40, paring earlier losses of as much as ~$1.00-1.20 apiece at typing. Both benchmarks operate a short distance above their respective, recently-made multi-week lows ahead of the OPEC+ decision due later today, with focus centred on a potential output increase from the group.

  • To elaborate, WSJ source reports have pointed to OPEC+ considering proposals for output increases at today’s meeting, corroborating earlier, separate source reports re: the matter from both RTRS and a Fox Business news reporter.
  • On the sidelines, note that RTRS source reports on Tuesday pointed to the OPEC+ Joint Technical Committee (JTC) lowering their forecasted surplus in global oil markets (from 1.0mn bpd in their July forecast to 800K bpd).
  • Brent’s prompt spread continues to moderate, printing ~$1.84 at typing, down from its peak at ~$2.80 just earlier this week.
  • Elsewhere, the latest round of U.S. API inventory estimates crossed on Tuesday, with oil prices edging lower after reports pointed to a surprise build in crude stockpiles. Cushing hub stocks rose, while there was a drawdown in gasoline and distillate inventories.
  • Looking ahead, U.S. EIA inventory data is due, with WSJ estimates calling for a drawdown in crude stocks.
Energy BulletsCommodities
Energy BulletsCommodities

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.