MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1877 Fri; -1.39% Y/Y

MNI BRIEF: China May Inject CNY1 Trln To Replenish Big Banks

MNI BRIEF: China Sees Progress On EU EV Deal

MNI: PBOC Net Drains CNY279.8 Bln via OMO Thursday

MNI JAPAN NOV TOKYO CORE CPI +2.2% Y/Y; OCT +1.8%

MNI: GERMANY NOVEMBER FLASH HICP -0.7% M/M (FCST: -0.5%)

MNI: GERMANY NOV CPI +2.2% Y/Y

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 Summary: Crude Eases Back

OIL

Front month Brent crude has eased back, settling earlier and yesterday’s gains driven by reports of supply disruptions in Libya and Nigeria, while a higher US dollar also offered some downside. European diesel spreads posted gains amid reports that the pipeline to Shell’s Pernis refinery suffered a leak this morning in addition to existing supply disruptions in Germany.

  • Protests in Libya on Thursday shut El Feel field (approx 60kbpd). Protest also gradually halted output at the Sharara oil field starting Thursday evening. Output fully halted last night (approx. 300kbpd).
  • Shell confirmed it suspended loadings at Nigeria’s Forcados crude oil terminal since Wednesday evening after workers observed fumes.
  • Brent SEP 23 down -0.1% at 81.27$/bbl
  • WTI AUG 23 down -0.1% at 76.8$/bbl
  • A total of 530kbbls of open August 23 options positions on CME and ICE are due to expire against the July future close on Monday. Current aggregate open interest is 279k calls and 251k puts. The open interest across all WTI options on both exchanges is currently 1.69m calls and 1.13m puts. Most of the significant options positions around the current market prices are on the calls side with the biggest strikes of interest just below the current price at 76$/bbl and 75$/bbl.
  • China’s state-run oil refiners raised run rates to the highest since Nov 2021 by 2.16ppt WoW to 80.06% as of 13 July.
  • OPEC+ has scheduled its next JMMC meeting for 3 August via videoconference.
  • European diesel spreads gains ground today after a local newspaper reported a leakage at the pipeline to Shell’s Pernis refinery close to Rotterdam. In recent weeks European refineries reported several disruptions to supply. The halt to the Shell Wesseling refinery for five days from 20 July was latest outage reported, adding to disrupted wholesale supplies from two other German oil refineries this month.
  • Gasoil AUG 23 up 1.1% at 764.25$/mt
  • Gasoil AUG 23-SEP 23 up 0.75$/mt at 5.75$/mt
  • Gasoil DEC 23-DEC 24 up 2.5$/mt at 36$/mt
  • EU Gasoil-Brent up 0.8$/bbl at 20.53$/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.