MNI: Himino Says BOJ Will Hike If Outlook Realised

MNI: PBOC Net Injects CNY47.9 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1878 Tues; -2.35% Y/Y

MNI: US Dec Consumer Inflation Expectations Mixed -NY Fed

MNI China Daily Summary: Monday, January 13

MNI BRIEF: China December Vehicle Sales Up 10.5%

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, Greece Syndications

MNI BRIEF: China 2024 Exports Grow 5.9% Y/Y

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Crude Steadies From Recent Decline Ahead of EIA Weekly Data

OIL

Front month crude futures are holding steady today after trading lower since Aug 12 amid easing Middle East risk sentiment and with ongoing uncertainty surrounding future China and US demand growth leading to risk of a future supply surplus.

  • Much of oil’s geopolitical risk premium has unwound on hopes of a Gaza ceasefire deal and with no retaliatory strike by Iran so far.
  • While Israel has agreed to the US’ “bridging proposal”, Hamas is yet to agree and reports are suggesting that a deal is close to crumbling, according to US and Israeli officials reported by Politico. Negotiators return to Cairo this week.
  • US crude inventories are expected to resume a decline in data released today although API data showed stocks rose moderately by 347kbbl, according to Bloomberg. Gasoline fell 1.04mbbl and distillate fell 2.25mbbl.
  • A US Fed rate cut is widely expected at the September meeting as the market looks for further signals from the Jackson Hole Symposium starting tomorrow. July FOMC meeting minutes are published later today.
  • Gasoline and diesel cracks found some support yesterday despite the ongoing downward trend seen since the start of the month amid sluggish fuel demand and healthy global supply.
    • Brent OCT 24 down 0.1% at 77.11$/bbl
    • WTI OCT 24 down 0.2% at 73.03$/bbl
    • Brent OCT 24-NOV 24 down 0.01$/bbl at 0.61$/bbl
    • Brent DEC 24-DEC 25 down 0.02$/bbl at 3.03$/bbl
    • US gasoline crack down 0.1$/bbl at 14.08$/bbl
    • US ULSD crack down 0.1$/bbl at 22.86$/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.