CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

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

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

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: Mid-Day Oil Summary: Crude Losing Ground

OIL
BulletEnergy BulletsCommodities

Brent is falling back from a high of $74.28/bbl yesterday with focus on US inventories and with potential for increased Middle East tensions ahead of a likely interest rate cut by the U.S. Federal Reserve.

  • Brent NOV 24 down 1.2% at 72.85$/bbl
  • WTI OCT 24 down 1.3% at 70.26$/bbl
  • Geopolitical developments in the Middle East are in focus following explosions in Lebanon, which Hezbollah is blaming on Israel.
  • The US is seeking up to 6mbbls of crude for the SPR for delivery in the first few months of 2024, a Reuters source said, with prices below the target buyback price.
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude +1.96mbbl, Cushing -1.4mbbl.
  • ARA crude stocks rose 1.2mn bbls w/w in the week ended September 13, rising to 54.3mn bbls according to Genscape.
129 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.

Brent is falling back from a high of $74.28/bbl yesterday with focus on US inventories and with potential for increased Middle East tensions ahead of a likely interest rate cut by the U.S. Federal Reserve.

  • Brent NOV 24 down 1.2% at 72.85$/bbl
  • WTI OCT 24 down 1.3% at 70.26$/bbl
  • Geopolitical developments in the Middle East are in focus following explosions in Lebanon, which Hezbollah is blaming on Israel.
  • The US is seeking up to 6mbbls of crude for the SPR for delivery in the first few months of 2024, a Reuters source said, with prices below the target buyback price.
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude +1.96mbbl, Cushing -1.4mbbl.
  • ARA crude stocks rose 1.2mn bbls w/w in the week ended September 13, rising to 54.3mn bbls according to Genscape.