MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI BRIEF: Japan Q3 Capex Up Q/Q; GDP Revised Lower

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

MNI: AUSTRALIA Q3 BIZ INDICATORS INVENTORIES -0.9%

MNI: AUSTRALIA OCT BUILDING APPROVALS +4.2% M/M, +6.1% Y/Y

MNI: AUSTRALIA NOV DWELLING APPROVALS +4.2% M/M

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: Crude Futures and Spreads Pull Back from Earlier Gains

OIL

Crude front month has pulled back to flat on the day after earlier gains supported by heightening Middle East risks and a more dovish Fed Powell.

  • Time spreads have softened slightly following earlier gains with no recommendation from the JMMC OPEC meeting today.  Risks of a supply surplus later this year and into 2025 due to weak China demand and higher OPEC supply have limited market upside.
  • OPEC+ has reiterated the option to pause or reverse the current plans to return output from October.
  • US data showed lower than expected ISM manufacturing, falling to 46.8 (cons 48.8) from 48.5 in June. It’s the lowest since Nov 2023. Swaps now fully price in three rate cuts in 2024.
    • Brent OCT 24 down 0% at 80.83$/bbl
    • WTI SEP 24 down 0.2% at 77.78$/bbl
    • WTI-Brent down 1.94$/bbl at -4.06$/bbl
    • Brent OCT 24-NOV 24 unchanged at 0.61$/bbl
    • Brent DEC 24-DEC 25 down 0.2$/bbl at 3.72$/bbl
BulletEnergy BulletsCommodities
BulletEnergy 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.