CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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 Markets Flat in Early Trading

OIL

Crude prices are flat in early trading after both tumbled in yesterday’s session to their weakest levels since February on the back of a token gesture by OPEC+ to raise output by a nominal 100,000 bpd in September and surprise builds in crude and gasoline stockpiles in the latest EIA report.

  • The latest OPEC+ target represents just 0.1% of global demand. The group were left with little option after repeatedly missing current production targets and a lack of spare capacity outwith Saudi Arabia and the UAE. The group may also be wary of tapping into any remaining spare capacity at the expense of Russia.
  • Brent OCT 22 down -0.1% at 96.69$/bbl
  • WTI SEP 22 up 0% at 90.67$/bbl
  • Gasoil AUG 22 down -1.1% at 1023.25$/mt
  • WTI-Brent up 0.16$/bbl at -6.97$/bbl
  • The gradual fall in the crude time spreads reflects the slight easing of the supply situation but stocks are still low and spare production is still limited. The prompt Brent and WTI spreads are the lowest since mid-May.
    • Brent OCT 22-NOV 22 down -0.03$/bbl at 1.55$/bbl
    • Brent DEC 22-DEC 23 down -0.07$/bbl at 7.19$/bbl
    • Gasoline and diesel cracks are edging down this morning after yesterday’s EIA data showed stronger than anticipated product inventories – particularly for gasoline during peak summer driving season.
    • US 321 crack down -0.4$/bbl at 38.45$/bbl
    • US gasoline crack down -0.1$/bbl at 31.75$/bbl
    • US ULSD crack down -1$/bbl at 51.86$/bbl
    • Energy BulletsCommodities
    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.