MNI: Canada Apr-Sept Budget Deficit Widens On Spending

CANADA'S TRUDEAU: I CONTINUE TO HAVE GOOD TALKS WITH TRUMP

MNI BRIEF: Little Macro Difference On Rate Oprions- de Guindos

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CANADA Q3 GDP ANNUALIZED +1.0% AS EXPECTED ON GOVT, CONSUMERS

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

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

Oil Buoyed By Near-Term Supply Disruptions

COMMODITIES
  • Crude oil has settled higher for the first time in four sessions has pushed higher for most of the day with only a modest trimming of earlier gains as McCarthy pushed back on previously more optimistic-sounding debt ceiling progress.
  • Increases are buoyed by short-term supply disruptions. Notably, further Canadian wildfires are still a risk to Canadian oil sands output after a heat wave resulted in an increase in fires over the weekend. Production has been gradually returning following outages last week with Vermilion Energy today saying 60% of the shut in production has been restored.
  • Separately, crude oil exports from Iraq’s northern fields in the Kurdistan region have yet to restart despite Iraq’s desire to resume flows on Sat 13 May. Approximately 470kbpd of production has been missing from the market since 25 March.
  • WTI is +1.4% at $71.03 off an intraday low of $69.41 as it shifts closer to resistance at $73.93 (Apr 28 low).
  • Brent is +1.4% at $75.17 off resistance at $77.61 (20-day EMA).
  • Gold is +0.2% at $2015.0 having gyrated its way higher with the USD index steadily unwinding Friday’s sizeable gain. Resistance remains considerably to the upside at $2063.0 (May 4 high).
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.