MNI: PBOC Net Injects CNY25.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1897 Thurs; -2.25% Y/Y

MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI: JAPAN NOV SERVICES PPI +3.0% Y/Y; OCT UNREV +2.9%

MNI China Daily Summary: Tuesday, December 24

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

OIL: Crude Holds Onto Monday’s Gains With Material Event Risks Ahead

OIL
EM BulletCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Oil prices have been range trading following Monday’s jump as market moves have been limited ahead of this week’s US election result and Fed meeting. WTI is up 0.1% to $71.52/bbl after falling to around $71.30. Brent is 0.1% higher at $75.18/bbl, close to the intraday high. Yesterday’s weaker greenback supported the rally in crude but today the USD index is flat.

  • While risks of an escalation of the conflict in the Middle East persist, this week oil markets are watching the outcome of the US election, which will hopefully be known on Wednesday, the FOMC meeting on Thursday and US inventories with industry-based data on Tuesday and the official EIA on Wednesday. In China, there is October trade data on Thursday and the legislature standing committee is meeting this week, which may result in further stimulus.
  • On the supply side, near-term there are risks to Gulf of Mexico production from Tropical Storm Rafael, and further out, another Iranian attack on Israel could result in its oil infrastructure being targeted.
  • Later US October services ISM/PMI and September trade print, as well as UK October services/composite PMIs. The eurogroup meeting continues and the ECB’s Lagarde and Schnabel speak.
194 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.

Oil prices have been range trading following Monday’s jump as market moves have been limited ahead of this week’s US election result and Fed meeting. WTI is up 0.1% to $71.52/bbl after falling to around $71.30. Brent is 0.1% higher at $75.18/bbl, close to the intraday high. Yesterday’s weaker greenback supported the rally in crude but today the USD index is flat.

  • While risks of an escalation of the conflict in the Middle East persist, this week oil markets are watching the outcome of the US election, which will hopefully be known on Wednesday, the FOMC meeting on Thursday and US inventories with industry-based data on Tuesday and the official EIA on Wednesday. In China, there is October trade data on Thursday and the legislature standing committee is meeting this week, which may result in further stimulus.
  • On the supply side, near-term there are risks to Gulf of Mexico production from Tropical Storm Rafael, and further out, another Iranian attack on Israel could result in its oil infrastructure being targeted.
  • Later US October services ISM/PMI and September trade print, as well as UK October services/composite PMIs. The eurogroup meeting continues and the ECB’s Lagarde and Schnabel speak.