MNI BRIEF:NGEU To Lift Growth Less Than Expected -ECB Bulletin

MNI BRIEF: US Hiring, Pay Growth Continue Downshift- ADP

MNI BRIEF: EZ Short-Term Uncertainty Low, Long-Term High -ECB

MNI China Daily Summary: Wednesday, January 8

MNI: PBOC Net Injects CNY1.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1887 Weds; -2.33% Y/Y

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

EZ/UK Bond Supply Calendar: Portugal Syndication "Nr future"

US EIA:NAT GAS STORAGE -40 BCF TO 3,373 BCF JAN 03 WK

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 Market: Oil Firms Ahead of EIA Report

OIL
BulletEnergy BulletsCommodities

Oil finds some support on Friday and sits at the upper end of the weekly range on a thin week for trading due to holidays ahead of expectations of a draw in U.S. stocks later.

  • Brent FEB 25 up 0.7% at 73.76$/bbl
  • WTI FEB 25 up 0.8% at 70.18$/bbl
  • Analysts polled by Reuters had expected U.S. crude stocks to have declined by about 1.9 million barrels last week while the API put the decline at 3.2 million barrels earlier this week.
  • The delayed EIA weekly inventory report is due at 1 p.m. EST (1800 GMT).
  • A strong U.S. dollar recently has added downward pressure on crude, particularly following weaker cut outlooks by the Fed after its latest meet.
  • Shell has shut down an oil processing unit at it 237,000 bpd  Pulau Bukom refinery in Singapore to investigate a suspected leak.
  • There appear to be issues at BP’s Whiting, Indiana refinery that are not insignificant according to GasBuddy’s Patrick De Haan on X.
  • Chinese refiners plan to export 3.34m tons of oil products in January, down 17% y/y according to OilChem.
  • An emerging agreement between Israel and Hamas to end the war in Gaza is again at risk.
189 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.

Oil finds some support on Friday and sits at the upper end of the weekly range on a thin week for trading due to holidays ahead of expectations of a draw in U.S. stocks later.

  • Brent FEB 25 up 0.7% at 73.76$/bbl
  • WTI FEB 25 up 0.8% at 70.18$/bbl
  • Analysts polled by Reuters had expected U.S. crude stocks to have declined by about 1.9 million barrels last week while the API put the decline at 3.2 million barrels earlier this week.
  • The delayed EIA weekly inventory report is due at 1 p.m. EST (1800 GMT).
  • A strong U.S. dollar recently has added downward pressure on crude, particularly following weaker cut outlooks by the Fed after its latest meet.
  • Shell has shut down an oil processing unit at it 237,000 bpd  Pulau Bukom refinery in Singapore to investigate a suspected leak.
  • There appear to be issues at BP’s Whiting, Indiana refinery that are not insignificant according to GasBuddy’s Patrick De Haan on X.
  • Chinese refiners plan to export 3.34m tons of oil products in January, down 17% y/y according to OilChem.
  • An emerging agreement between Israel and Hamas to end the war in Gaza is again at risk.