FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Oil Little Changed In Asia, Brent Holds Below $80

OIL

WTI & Brent crude futures have shed ~$0.15 vs. Tuesday’s settlement levels. Early defensive posturing across broader markets applied some modest pressure to the crude benchmarks, which have since recovered from worst levels. Asia ranges were tight (~$0.60).

  • This comes after OPEC+ lifted its cumulative February oil output target by 400K bpd, matching broader expectations. The group now sees a tighter oil market in Q122 when compared to its Dec projections, signalling a lack of worry when it comes to the impact of the Omicron COVID variant. Brent briefly showed above $80.00 on Tuesday but couldn’t hold the move.
  • The latest round of weekly U.S. API inventory estimates reportedly revealed a sharper than expected headline drop in crude stocks, alongside wider than expected builds in gasoline and distillate stocks, in an addition to an uptick in stocks at the Cushing hub. The release had no tangible impact on crude futures.
  • Weekly U.S. DoE inventory data will be eyed on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy 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.