MNI: Japan Govt Keeps Economic Assessment, Ups Imports

MNI BRIEF: China Supports Globalisation Despite Turbulence

MNI: PBOC Net Injects CNY11.0 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1910 Tues; -1.46% Y/Y

MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: UK NOV BRC SHOP PRICES +0.2% M/M, -0.6% Y/Y

MNI: JAPAN OCT SERVICES PPI +2.9% Y/Y; SEPT REV +2.8%

EZ/UK T-Bill Calendar: 2/3-Month ATB Auction on Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

OIL: Mid-Day Oil Summary: Crude Continues Pullback

OIL
BulletEnergy BulletsCommodities

Crude markets have lost ground today, continuing yesterday’s pullback amid a stronger USD and a shedding of some of the earlier geopolitical risk premium amid a lack of any tangible impact on supply.

  • Brent DEC 24 down 0.8% at 76.58$/bbl
  • WTI NOV 24 down 0.9% at 72.91$/bbl
  • There is no physical impact on oil yet as Iran exports continue with two VLCC and one Aframax loading at Kharj Island according to Bloomberg
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude +11mbbl, Cushing +1.36mbbl.
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • The geopolitical risk premium in the oil market has decreased slightly this week following recent sharp increases last week in both implied Brent volatility and call options implied volatility skew according to Goldman Sachs.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl with near term support amid heightened geopolitical risk, according to Bloomberg.
  • Angola’s Sonangol further reduced its offer price for a shipment of Girassol crude for late-November loading, according to a price list seen by Bloomberg.
179 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.

Crude markets have lost ground today, continuing yesterday’s pullback amid a stronger USD and a shedding of some of the earlier geopolitical risk premium amid a lack of any tangible impact on supply.

  • Brent DEC 24 down 0.8% at 76.58$/bbl
  • WTI NOV 24 down 0.9% at 72.91$/bbl
  • There is no physical impact on oil yet as Iran exports continue with two VLCC and one Aframax loading at Kharj Island according to Bloomberg
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude +11mbbl, Cushing +1.36mbbl.
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • The geopolitical risk premium in the oil market has decreased slightly this week following recent sharp increases last week in both implied Brent volatility and call options implied volatility skew according to Goldman Sachs.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl with near term support amid heightened geopolitical risk, according to Bloomberg.
  • Angola’s Sonangol further reduced its offer price for a shipment of Girassol crude for late-November loading, according to a price list seen by Bloomberg.