MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: PBOC Injects Net CNY2 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0967 FRI VS 7.0968

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MNI: UK FEB SERVICES INDEX +0.1% M/M, +0.2% 3MM

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Oil Markets Softening Against Demand Concerns

OIL

Crude markets are facing downward pressure after starting off today’s session flat. Weak global demand expectations are weighing on prices across the commodity markets. Strength in the US dollar is also having an impact.

  • Brent NOV 22 down -1.6% at 89.88$/bbl
  • WTI OCT 22 down -1.9% at 83.52$/bbl

On the demand front, the International Energy Agency said last week that the fourth quarter would see zero demand growth. Those fears are being balanced against a backdrop of impending sanctions on Russian oil by the EU.

  • Vessel tracking data indicates that Asia is no longer soaking up excess Russian oil at the same pace as the past 6-months.
Energy BulletsCommodities
Energy BulletsCommodities

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