MNI China Daily Summary: Monday, April 29

MNI BRIEF: China Pushes Back Against Japan's Semiconductor Threat

MNI: China CFETS Yuan Index Down 0.33% In Week of Apr 26

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1066 Mon; -4.49% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: GERMANY APR CPI +2.2% Y/Y

Core CPI Outlook: Services Softens, Energy Uptick Underwhelms

CPI Ticks Higher Y/Y In April, But Softer Core And Sequential Readings

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil End of Day Summary: Crude Set for Strong Gains

OIL
Energy BulletsCommodities

Crude prices are headed for their highest close since Jan. 31. Prices are finding support from diminishing hope of any near-term ceasefire deal in Gaza and thus no end in sight for Middle East tensions.

  • WTI MAR 24 up 3.2% at 76.19$/bbl
  • Israeli PM Benjamin Netanyahu, appeared to pour cold water on a ceasefire, telling reporters that Israel, "will not suffice with less," than a decisive victory in their war against Hamas.
  • The attacks in the Red Sea have become increasingly dangerous in the last days and the level of threats have likely not peaked yet, CEO Vincent Clerc said.
  • Venezuela has vowed to respond forcefully if drilling to start in the contested waters off Guyana, according to the AFP.
  • OPEC+ supply cutbacks this year have “been close enough to expectations” according to Deutsche Bank while BofA see cuts “positive” compared with initial market expectations.
  • Damage to Russian refineries from drone attacks could undermine commitments to OPEC+ supply cuts as it forces up exports, according to Reuters.
  • Oil demand is better than expected in the first week of February with a boost in China from the Lunar New Year holiday and with better weather in the US and Asia according to JPMorgan.
  • US oil and gas producer ConocoPhillips plans to boost production this year by around 6% with the midpoint of around 1.93m b/d.
  • DNO’s oil production in the Kurdistan region has largely recovered to levels seen before the shutdown of the pipeline to the Turkish port of Ceyhan in March 2023
  • Freight rates for Suezmax voyages loading in the Mediterranean and Black Sea and discharging in the Far East have spiked amid instability in the Black Sea, according to Platts.
281 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 prices are headed for their highest close since Jan. 31. Prices are finding support from diminishing hope of any near-term ceasefire deal in Gaza and thus no end in sight for Middle East tensions.

  • WTI MAR 24 up 3.2% at 76.19$/bbl
  • Israeli PM Benjamin Netanyahu, appeared to pour cold water on a ceasefire, telling reporters that Israel, "will not suffice with less," than a decisive victory in their war against Hamas.
  • The attacks in the Red Sea have become increasingly dangerous in the last days and the level of threats have likely not peaked yet, CEO Vincent Clerc said.
  • Venezuela has vowed to respond forcefully if drilling to start in the contested waters off Guyana, according to the AFP.
  • OPEC+ supply cutbacks this year have “been close enough to expectations” according to Deutsche Bank while BofA see cuts “positive” compared with initial market expectations.
  • Damage to Russian refineries from drone attacks could undermine commitments to OPEC+ supply cuts as it forces up exports, according to Reuters.
  • Oil demand is better than expected in the first week of February with a boost in China from the Lunar New Year holiday and with better weather in the US and Asia according to JPMorgan.
  • US oil and gas producer ConocoPhillips plans to boost production this year by around 6% with the midpoint of around 1.93m b/d.
  • DNO’s oil production in the Kurdistan region has largely recovered to levels seen before the shutdown of the pipeline to the Turkish port of Ceyhan in March 2023
  • Freight rates for Suezmax voyages loading in the Mediterranean and Black Sea and discharging in the Far East have spiked amid instability in the Black Sea, according to Platts.