MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI China Daily Summary: Tuesday, December 24

MNI: JAPAN NOV SERVICES PPI +3.0% Y/Y; OCT UNREV +2.9%

MNI: PBOC Net Drains CNY291.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Tues; -2.11% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

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: Oil End of Day Summary: WTI Up 1.3% on Week

OIL
BulletEnergy BulletsCommodities

Crude has extended the earlier fall on the day but is up around 1.3% on the week. The market is weighing any potential impact of new US energy policies, uncertainty around 2025 OPEC+ production, and abating supply risks associated with Hurricane Raphael.

  • WTI DEC 24 down 2.7% at 70.41$/bbl
  • US total oil and gas rig count was unchanged on the week at 479 rigs, according to Baker Hughes, down 15 rigs, or 3% on the year.
  • Hurricane Rafael was moving west with maximum winds at 110 mph (175 km/h), the National Hurricane Center said in an advisory at 9:00 CST.
  • Money managers have increased their bullish ICE Brent crude oil bets by 32,238 net-long positions to 126,145, according to Bloomberg citing ICE data.
  • President- elect Donald Trump plans to “drastically” increase sanctions directed at Iran according to WSJ reports.
  • Lacklustre global oil demand and rising costs may limit shale oil expansion despite calls from Donald Trump to “drill, baby, drill”, Standard Chartered said.
  • U.S. oil companies will be reluctant to commit capital towards producing more oil under the new administration change according to CIBCs Rebecca Babin.
  • The Biden administration bought 2.4m bbl of oil for the SPR, the energy department said Nov. 8, cited by Bloomberg.
  • OPEC+ would have to further delay its planned output hike to curb the anticipated global supply surplus next year, according to BMI, cited by Dow Jones.
  • China-bound crude loadings via Canada’s TMX pipeline reached 210kbd in October according to Vortexa, out of a record 410kbd in TMX-linked exports.
  • BTC Azeri crude loadings from the Turkish port of Ceyhan are set at 27 cargoes of around 18.33m bbl, or 591k b/d in Dec, Bloomberg said.
269 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 has extended the earlier fall on the day but is up around 1.3% on the week. The market is weighing any potential impact of new US energy policies, uncertainty around 2025 OPEC+ production, and abating supply risks associated with Hurricane Raphael.

  • WTI DEC 24 down 2.7% at 70.41$/bbl
  • US total oil and gas rig count was unchanged on the week at 479 rigs, according to Baker Hughes, down 15 rigs, or 3% on the year.
  • Hurricane Rafael was moving west with maximum winds at 110 mph (175 km/h), the National Hurricane Center said in an advisory at 9:00 CST.
  • Money managers have increased their bullish ICE Brent crude oil bets by 32,238 net-long positions to 126,145, according to Bloomberg citing ICE data.
  • President- elect Donald Trump plans to “drastically” increase sanctions directed at Iran according to WSJ reports.
  • Lacklustre global oil demand and rising costs may limit shale oil expansion despite calls from Donald Trump to “drill, baby, drill”, Standard Chartered said.
  • U.S. oil companies will be reluctant to commit capital towards producing more oil under the new administration change according to CIBCs Rebecca Babin.
  • The Biden administration bought 2.4m bbl of oil for the SPR, the energy department said Nov. 8, cited by Bloomberg.
  • OPEC+ would have to further delay its planned output hike to curb the anticipated global supply surplus next year, according to BMI, cited by Dow Jones.
  • China-bound crude loadings via Canada’s TMX pipeline reached 210kbd in October according to Vortexa, out of a record 410kbd in TMX-linked exports.
  • BTC Azeri crude loadings from the Turkish port of Ceyhan are set at 27 cargoes of around 18.33m bbl, or 591k b/d in Dec, Bloomberg said.