MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Japan Oct Core CPI Rises 2.3%, Services Rise

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

MNI: UK NOV GFK CONSUMER CONFIDENCE INDEX -18

MNI JAPAN OCT CORE CPI +2.3% Y/Y; SEPT +2.4%

MNI: FED BALANCE SHEET TOTAL ASSETS -$43B TO $6.924T IN WEEK

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

OIL: Oil End of Day Summary: Crude Climbing

OIL
BulletEnergy BulletsCommodities

WTI is on track for its highest close since Nov. 8, supported by concerns over further escalation in the Russia-Ukraine war. This is set against pressure from a small build in US crude inventories last week.

  • WTI JAN 25 up 1.7% at 69.95$/bbl
  • The escalatory nature of the Russia/Ukraine conflict is still adding support for energy markets. The conflict ratcheted higher this week after Ukraine was permitted by Washington to launch U.S. ATACMS missiles at targets in Russia on Tuesday.
  • Reuters reporting comments from a US official stating that an experimental Russian intermediate-range ballistic missile that struck the eastern Ukrainian city of Dnipro today, "does not mark a gamechanger in the conflict."
  • Donald Trump’s new administration is looking to restart the Keystone XL pipeline project on his first day back in office.
  • Early November data suggests rising crude exports from the Pacific Basin, especially the Middle East, according to Vortexa.
  • China’s crude imports are on track to rebound in November to a three-month high, but increasing appetite is more price-driven than due to rising demand, according to Reuters.
  • Oil demand growth in China has peaked for transport fuels such as gasoline and diesel, according to Vitol global head of research, Giovanni Serio cited by Bloomberg.
  • Nigeria plans to load 153k b/d of Qua Iboa crude in January, according to Bloomberg.
  • Angola’s overhang of December cargoes has begun to decrease this week, down to 7-9, compared to 11-12 Nov. 15, traders told Bloomberg.
  • Guyana's fourth FPSO is expected to depart for Guyana in Q1 2025, Hess’ CEO said.
  • Goldman forecasts Brent to rise to an average of $76/bbl in 2025, peaking at $78/bbl in June before falling to $73/bbl by Dec. 2025.
270 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.

WTI is on track for its highest close since Nov. 8, supported by concerns over further escalation in the Russia-Ukraine war. This is set against pressure from a small build in US crude inventories last week.

  • WTI JAN 25 up 1.7% at 69.95$/bbl
  • The escalatory nature of the Russia/Ukraine conflict is still adding support for energy markets. The conflict ratcheted higher this week after Ukraine was permitted by Washington to launch U.S. ATACMS missiles at targets in Russia on Tuesday.
  • Reuters reporting comments from a US official stating that an experimental Russian intermediate-range ballistic missile that struck the eastern Ukrainian city of Dnipro today, "does not mark a gamechanger in the conflict."
  • Donald Trump’s new administration is looking to restart the Keystone XL pipeline project on his first day back in office.
  • Early November data suggests rising crude exports from the Pacific Basin, especially the Middle East, according to Vortexa.
  • China’s crude imports are on track to rebound in November to a three-month high, but increasing appetite is more price-driven than due to rising demand, according to Reuters.
  • Oil demand growth in China has peaked for transport fuels such as gasoline and diesel, according to Vitol global head of research, Giovanni Serio cited by Bloomberg.
  • Nigeria plans to load 153k b/d of Qua Iboa crude in January, according to Bloomberg.
  • Angola’s overhang of December cargoes has begun to decrease this week, down to 7-9, compared to 11-12 Nov. 15, traders told Bloomberg.
  • Guyana's fourth FPSO is expected to depart for Guyana in Q1 2025, Hess’ CEO said.
  • Goldman forecasts Brent to rise to an average of $76/bbl in 2025, peaking at $78/bbl in June before falling to $73/bbl by Dec. 2025.