BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

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

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

OIL: Crude Futures and Time Spreads Resume Bearish Move

OIL
BulletEnergy BulletsCommodities

Crude backwardation continues to soften with crude time spreads extending a recent decline to the lowest since early February ahead of the updated US inventories data.

  • Crude futures have resumed the earlier decline after a brief rally in reaction to the in-line to lower than expected US CPI data.
  • API data yesterday suggested a 3.1m draw in US stocks last week although a Bloomberg survey suggests a smaller 0.2m draw. Focus will also be on US fuel demand with small increases in product supplies last week not enough to change the overall picture of weak seasonal demand in both distillates and gasoline.
  • IEA sees the outlook for global oil demand growth continuing to soften. World fuel consumption will increase by 1.1mbpd to 103.2mbpd in 2024, about 140kbpd less than last month’s forecast after poor industrial activity and another mild winter.
  • Prices have fallen through the first Brent support today at $81.71/bbl and WTI is approaches support at $76.78/bbl.
    • Brent JUL 24 down 1% at 81.57$/bbl
    • WTI JUN 24 down 1% at 77.25$/bbl
    • Brent JUL 24-AUG 24 down 0.07$/bbl at 0.35$/bbl
    • Brent AUG 24-SEP 24 down 0.05$/bbl at 0.44$/bbl
    • Brent DEC 24-DEC 25 down 0.36$/bbl at 3.76$/bbl
    • WTI JUN 24-JUL 24 down 0.02$/bbl at 0.35$/bbl
    • WTI JUN 24-DEC 24 down 0.24$/bbl at 2.55$/bbl
201 words

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.

Crude backwardation continues to soften with crude time spreads extending a recent decline to the lowest since early February ahead of the updated US inventories data.

  • Crude futures have resumed the earlier decline after a brief rally in reaction to the in-line to lower than expected US CPI data.
  • API data yesterday suggested a 3.1m draw in US stocks last week although a Bloomberg survey suggests a smaller 0.2m draw. Focus will also be on US fuel demand with small increases in product supplies last week not enough to change the overall picture of weak seasonal demand in both distillates and gasoline.
  • IEA sees the outlook for global oil demand growth continuing to soften. World fuel consumption will increase by 1.1mbpd to 103.2mbpd in 2024, about 140kbpd less than last month’s forecast after poor industrial activity and another mild winter.
  • Prices have fallen through the first Brent support today at $81.71/bbl and WTI is approaches support at $76.78/bbl.
    • Brent JUL 24 down 1% at 81.57$/bbl
    • WTI JUN 24 down 1% at 77.25$/bbl
    • Brent JUL 24-AUG 24 down 0.07$/bbl at 0.35$/bbl
    • Brent AUG 24-SEP 24 down 0.05$/bbl at 0.44$/bbl
    • Brent DEC 24-DEC 25 down 0.36$/bbl at 3.76$/bbl
    • WTI JUN 24-JUL 24 down 0.02$/bbl at 0.35$/bbl
    • WTI JUN 24-DEC 24 down 0.24$/bbl at 2.55$/bbl