MNI China Daily Summary: Wednesday, July 24

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CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

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Oil Ending Week Grinding Higher, Gold Under USD Pressure And Gas Slumping

COMMODITIES
  • Crude oil has lifted today with optimism surrounding the chances of raising the US debt limit and avoiding a default, chipping away yesterday’s slide.
  • Markets are also weighing up the possibility of further production cuts after differing signs from Russia and Saudi Arabia. Russia’s Deputy Prime Minister Novak yesterday said that OPEC+ are unlikely to adjust targets at the 3-4 June meeting however the Saudi Energy Minister sent a warning to oil speculators earlier this week giving support to prices.
  • WTI is +1.0% at $72.52, not troubling resistance at the 50-day EMA of $74.31. Ahead of next week's OPEC meeting and a Memorial Day-shortened week, $82/bbl calls have lead today's options activity in the CLN3.
  • Brent is +0.7% at $76.77, not troubling resistance at the 50-day EMA of $78.46.
  • Gold is +0.2% at $1944.7, with a paring of earlier larger gains as the USD index rebounded after a swathe of stronger than expected US data.
  • In gas space, European prices have seen their eighth consecutive weekly loss for month-ahead contracts in the longest run of weekly losses since 2007, as economic activity shows few signs of meaningful recovery. Bloomberg reports that the situation has raised concerns that some demand for gas might now be permanently lost or substituted after last year’s record prices hit manufacturers particularly hard. Fuller-than-average gas inventories, mild weather and an abundance of liquefied natural gas have also lowered demand, raising questions about how much lower prices can go before producers start curbing output.
  • Weekly moves: WTI +1.45%, Brent +1.65%, Gold -1.7%, US nat gas -14.2%, EU TTF nat gas -18.7%.
Energy BulletsCommodities
Energy BulletsCommodities

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