MNI BRIEF: US Treasuries Seen Increasingly Risky-JH Paper

MNI: FED’S POWELL: TIME HAS COME FOR POLICY TO ADJUST

MNI China Daily Summary: Friday, Aug 23

MNI: PBOC Net Injects CNY241.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Fri; +2.17% Y/Y

CHINA PBOC CONDUCTS CNY379.3 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: US JUL NEW HOME SALES +10.6% TO 0.739M SAAR

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

MNI: CANADIAN JUN RETAIL SALES -0.3%; SALES EX-AUTOS/PARTS +0.3%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

OIL: Oil Summary at European Close: Crude Down 1.25% on Week

OIL
BulletEnergy BulletsCommodities

Crude is rising today but remains on track for a net weekly loss of around 1.25%. Global demand concerns and an easing Middle East risk premium offset growing speculation of a delay to OPEC+ cut unwinding.

  • Brent OCT 24 up 1.9% at 78.67$/bbl
  • WTI OCT 24 up 2.1% at 74.56$/bbl
  • US and Israeli negotiators started new talks in Cairo on Thursday and will continue into the weekend to negotiate with Hamas to find common ground.
  • Softness in manufacturing and jobs data suggest a slowing US economy to add to suggestions of a struggling economy in China and slowing oil demand from refiners.
  • The crude call-put option skews are holding a small skew to the puts over calls after a switch back to a downside bias at the start of this week.  The bearish move is driven by easing Middle East risk sentiment and concern for a market surplus heading into next year.
  • Arbitrage flows of Canadian heavy crude to China continue with the Kearl Lake Blend making its return for the first time since 2018, Platts said.
  • India’s crude oil imports in July fell by 0.7% year on year to 19.4m mt but were up compared to 18.8m mt in June.
  • The speaker of Libya’s eastern-based parliament has warned of a possible oil blockade over an attempt to replace the central bank governor.
  • Russian oil supply to Europe via Ukraine rose to 1.09m mt in July from 540k tons in June.
  • Morgan Stanley cut the Brent crude price forecast for Q4 2024 and into 2025 with a switch to a market surplus, Bloomberg said.
  • The oil market is likely to flip into a surplus as early as Q4, if OPEC+ proceeds with unwinding cuts as planned, Bloomberg said.
277 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 is rising today but remains on track for a net weekly loss of around 1.25%. Global demand concerns and an easing Middle East risk premium offset growing speculation of a delay to OPEC+ cut unwinding.

  • Brent OCT 24 up 1.9% at 78.67$/bbl
  • WTI OCT 24 up 2.1% at 74.56$/bbl
  • US and Israeli negotiators started new talks in Cairo on Thursday and will continue into the weekend to negotiate with Hamas to find common ground.
  • Softness in manufacturing and jobs data suggest a slowing US economy to add to suggestions of a struggling economy in China and slowing oil demand from refiners.
  • The crude call-put option skews are holding a small skew to the puts over calls after a switch back to a downside bias at the start of this week.  The bearish move is driven by easing Middle East risk sentiment and concern for a market surplus heading into next year.
  • Arbitrage flows of Canadian heavy crude to China continue with the Kearl Lake Blend making its return for the first time since 2018, Platts said.
  • India’s crude oil imports in July fell by 0.7% year on year to 19.4m mt but were up compared to 18.8m mt in June.
  • The speaker of Libya’s eastern-based parliament has warned of a possible oil blockade over an attempt to replace the central bank governor.
  • Russian oil supply to Europe via Ukraine rose to 1.09m mt in July from 540k tons in June.
  • Morgan Stanley cut the Brent crude price forecast for Q4 2024 and into 2025 with a switch to a market surplus, Bloomberg said.
  • The oil market is likely to flip into a surplus as early as Q4, if OPEC+ proceeds with unwinding cuts as planned, Bloomberg said.