MNI: PBOC Net Drains CNY150.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1879 Tues; -2.42% Y/Y

JUSTIN TRUDEAU TO STEP DOWN AS CANADA LIBERAL LEADER AND PM

MNI China Daily Summary: Monday, January 6

MNI INTERVIEW2: China Central Gov Should Buy Unsold Houses

MNI China Press Digest Jan 6: PBOC Bills, Yuan, Capital Market

MNI: AUSTRALIA NOV BUILDING APPROVALS -3.6% M/M, +3.2% Y/Y

MNI: AUSTRALIA DEC DWELLING APPROVALS -3.6% M/M

MNI: UK BRC DEC BY VALUE SHOP SALES LFL +3.1% YY, TOTAL +3.2% YY

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: Oil End of Day Summary: WTI Rises 6.4% on Week

OIL
BulletEnergy BulletsCommodities

WTI has shrugged off earlier losses to headed for its highest close since Oct. 11, up 6.4% on the week. The US crude stock draw helped offset weaker Chinese economic data. A push above the 100-day moving average earlier in the week also spurred bullish sentiment.

  • WTI FEB 25 up 1.3% at 74.08$/bbl
  • The US total gas rig count was down 1 on the week at 482 rigs, according to Baker Hughes. This is down 19 rigs on the year.
  • Outgoing US President Joe Biden is expected to invoke an obscure provision of the 1953 Outer Continental Shelf Lands Act that would give him latitude to withdraw federal waters from future oil and gas leasing, the NYT reported.
  • Donald Trump said the UK government was making “a very big mistake” vis a vis an increase in the windfall tax on North Sea oil and gas producers to fund renewable energy projects.
  • Russian oil product exports from the Black Sea port of Tuapse are set to fall to 798k mt in January - down 9.8% on December, sources told Reuters.
  • Venezuela’s oil exports rose 10.5% in 2024 y/y averaging 772,000 bpd according to LSEG vessel tracking.
  • Pemex's crude production is expected to decline further in 2025, Platts said.
  • Colombia’s 2024 crude exports fell to their lowest annual level since at least 2019, Bloomberg said.
  • Iraqi oil exports climbed by 1% in December, even as OPEC+ delayed its plans to unwind production cuts, Bloomberg said.
  • The Mediterranean region's capacity to absorb returning sour crude output in 2025 will hinge on nimble pricing strategies by Saudi Arabia and Iraq, Argus said.
  • Exports of top Nigerian crude oil grades are set to decline in February, Reuters said.
273 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.

WTI has shrugged off earlier losses to headed for its highest close since Oct. 11, up 6.4% on the week. The US crude stock draw helped offset weaker Chinese economic data. A push above the 100-day moving average earlier in the week also spurred bullish sentiment.

  • WTI FEB 25 up 1.3% at 74.08$/bbl
  • The US total gas rig count was down 1 on the week at 482 rigs, according to Baker Hughes. This is down 19 rigs on the year.
  • Outgoing US President Joe Biden is expected to invoke an obscure provision of the 1953 Outer Continental Shelf Lands Act that would give him latitude to withdraw federal waters from future oil and gas leasing, the NYT reported.
  • Donald Trump said the UK government was making “a very big mistake” vis a vis an increase in the windfall tax on North Sea oil and gas producers to fund renewable energy projects.
  • Russian oil product exports from the Black Sea port of Tuapse are set to fall to 798k mt in January - down 9.8% on December, sources told Reuters.
  • Venezuela’s oil exports rose 10.5% in 2024 y/y averaging 772,000 bpd according to LSEG vessel tracking.
  • Pemex's crude production is expected to decline further in 2025, Platts said.
  • Colombia’s 2024 crude exports fell to their lowest annual level since at least 2019, Bloomberg said.
  • Iraqi oil exports climbed by 1% in December, even as OPEC+ delayed its plans to unwind production cuts, Bloomberg said.
  • The Mediterranean region's capacity to absorb returning sour crude output in 2025 will hinge on nimble pricing strategies by Saudi Arabia and Iraq, Argus said.
  • Exports of top Nigerian crude oil grades are set to decline in February, Reuters said.