MNI BRIEF: BOE Ramsden Could Back Faster Rate Cuts

MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR +0.54M TO 430.3M NOV 15 WK

MNI: US MBA: MARKET COMPOSITE +1.7% SA THRU NOV 15 WK

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

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 Trades Higher

OIL
BulletEnergy BulletsCommodities

Crude markets are closing today trading higher. Support from near term supply disruptions in Libya and Kazakhstan is outweighing concerns over global demand for oil, especially from China.

  • WTI OCT 24 up 1.6% at 71.18$/bbl
  • US crude oil inventories are expected to have fallen by 1.0m bbl in the week to Sep. 13, according to a WSJ survey of ten analysts and traders.
  • US crude oil inventories are expected to have risen by 0.3m bbl in the week to Sep. 13, Macquarie said in a note.
  • More than 12% of crude production and 16% of natural gas output in the U.S. Gulf of Mexico were offline following Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
  • Libyan crude exports are down sharply in September at ~400kbd vs an August pace ~1mn bpd according to Vortexa. (See chart for context)
  • The restart of the Kirkuk-Ceyhan pipeline, which has been shut since March 2023, is held up by disagreements over how much to pay international oil companies operating in the northern region, according to Iraq’s prime minister cited by Bloomberg.
  • Kazakhstan has the chance to boost supplies to Germany’s, Kazakh President Tokayev said.
  • The bearish oil positioning of commodity trading advisers is near maximum levels so could ease some recent selling pressure for now, according to Energy Aspects Quant Analytics.
  • The oil markets have over anticipated supply side growth next year according to Energy Aspects’ Amrita Sen via Bloomberg TV.
  • Goldman Sachs analysts see Brent recovering to $77/bbl in 4Q in its base case.
247 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 are closing today trading higher. Support from near term supply disruptions in Libya and Kazakhstan is outweighing concerns over global demand for oil, especially from China.

  • WTI OCT 24 up 1.6% at 71.18$/bbl
  • US crude oil inventories are expected to have fallen by 1.0m bbl in the week to Sep. 13, according to a WSJ survey of ten analysts and traders.
  • US crude oil inventories are expected to have risen by 0.3m bbl in the week to Sep. 13, Macquarie said in a note.
  • More than 12% of crude production and 16% of natural gas output in the U.S. Gulf of Mexico were offline following Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
  • Libyan crude exports are down sharply in September at ~400kbd vs an August pace ~1mn bpd according to Vortexa. (See chart for context)
  • The restart of the Kirkuk-Ceyhan pipeline, which has been shut since March 2023, is held up by disagreements over how much to pay international oil companies operating in the northern region, according to Iraq’s prime minister cited by Bloomberg.
  • Kazakhstan has the chance to boost supplies to Germany’s, Kazakh President Tokayev said.
  • The bearish oil positioning of commodity trading advisers is near maximum levels so could ease some recent selling pressure for now, according to Energy Aspects Quant Analytics.
  • The oil markets have over anticipated supply side growth next year according to Energy Aspects’ Amrita Sen via Bloomberg TV.
  • Goldman Sachs analysts see Brent recovering to $77/bbl in 4Q in its base case.