MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Oil Continues To Edge Out Gains With OPEC+ Fallout

COMMODITIES
  • Crude oil ekes out further, more modest gains after yesterday’s OPEC+ decision to cut output by 2mbpd starting in Nov, despite the US continuing to voice opposition, latest from WH econ adviser Deese with it “unnecessary and unwarranted” and the WH still considering the SPR among other options.
  • WTI is +0.9% at $88.56 and moves closer to $89.99 (Sep 6 high) having cleared the 50-day EMA.
  • Price gains are more limited for front contracts, potentially on the chance of additional SPR release, whilst most active strikes in CLX2 today have been $80/bbl puts.
  • Brent is +1.2% at $94.46 and moves closer to $95.54 (Sep 5 high) having cleared the 50-day EMA.
  • Gold is -0.16% at $1713.48, in a relatively narrow despite emerging USD strength on through the session. Resistance remains at $1729.5 (Oct 4 high) with support at $1695.2 (former trendline resistance).
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.