MNI BRIEF: Beijing Awaiting EU Response On Next Stage Talks

MNI INTERVIEW: Muted Impact On EU Inflation From MidEast Oil

MNI BRIEF: BOJ Real Export Index Rises 4.0% Q/Q in Q3

MNI BRIEF: PBOC Eyes Real Estate Relending Tools Enhancement

MNI: PBOC Net Drains CNY17.4 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1220 Thurs; +2.76% Y/Y

MNI: EUROZONE SEP FINAL HICP -0.1% M/M, +1.7% Y/Y

Australia Sep Unemployment Rate 4.1%

MNI:AUSTRALIA SEP UNEMPLOYMENT RATE +4.1%

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

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

OIL: Crude Off Intraday Highs On Risk Pullback Following China Housing Brief

OIL
EM BulletCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Crude has risen slightly today to add to Wednesday’s moderate gains. It rose earlier in the session but then more than gave up those advances as markets were disappointed with China’s support measures for the property sector announced today and there was a general pullback in risk. The USD index is flat.

  • WTI is up 0.3% to $70.60/bbl off the intraday low of $70.52 but below today’s high of $71.11. The benchmark rose 0.2% on Wednesday after Tuesday’s sharp fall.
  • Brent is 0.3% higher at $74.43/bbl today after rising to $74.92 and then falling to $74.31. It rose 0.5% on Wednesday.
  • Conflict in the Middle East continued with the US striking Houthi weapons storage facilities in Yemen. The Iran-backed group has significantly disrupted shipping in the Red Sea over the last year.
  • Bloomberg reported that US crude inventories fell 1.6mn barrels when a rise had been expected, according to people familiar the API data. Gasoline stocks fell 5.9mn and distillate 2.7mn. The official EIA figures are out today.
  • Later the Fed’s Goolsbee speaks and the ECB decision is announced followed by President Lagarde’s press conference. It is expected to cut rates 25bp. In terms of data, US September retail sales, budget & IP, October Philly Fed & NAHB housing index, August inventories and jobless claims print. There’s also euro area September CPI and August trade. 
221 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 has risen slightly today to add to Wednesday’s moderate gains. It rose earlier in the session but then more than gave up those advances as markets were disappointed with China’s support measures for the property sector announced today and there was a general pullback in risk. The USD index is flat.

  • WTI is up 0.3% to $70.60/bbl off the intraday low of $70.52 but below today’s high of $71.11. The benchmark rose 0.2% on Wednesday after Tuesday’s sharp fall.
  • Brent is 0.3% higher at $74.43/bbl today after rising to $74.92 and then falling to $74.31. It rose 0.5% on Wednesday.
  • Conflict in the Middle East continued with the US striking Houthi weapons storage facilities in Yemen. The Iran-backed group has significantly disrupted shipping in the Red Sea over the last year.
  • Bloomberg reported that US crude inventories fell 1.6mn barrels when a rise had been expected, according to people familiar the API data. Gasoline stocks fell 5.9mn and distillate 2.7mn. The official EIA figures are out today.
  • Later the Fed’s Goolsbee speaks and the ECB decision is announced followed by President Lagarde’s press conference. It is expected to cut rates 25bp. In terms of data, US September retail sales, budget & IP, October Philly Fed & NAHB housing index, August inventories and jobless claims print. There’s also euro area September CPI and August trade.