MNI China Press Digest Nov 27: Insurance, Tax, U.S. Trade

MNI: PBOC Net Drains CNY33.8 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1982 Weds; -1.45% Y/Y

MNI China Daily Summary: Tuesday, November 26

MNI BRIEF: China Supports Globalisation Despite Turbulence

MNI: PBOC Net Injects CNY11.0 Bln via OMO Tuesday

RBNZ SEES RISK OF MID-TERM INFLATION VOLATILITY

MNI: RBNZ CUTS OCR 50BP TO 4.25%

MNI: AUSTRALIA MONTHLY OCT CPI 0.1% MM, 2.3% YY

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: OPEC Expected To Delay Output Increase Again, US EIA Data Later

OIL
EM BulletCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Oil is little changed during APAC trading today as a 60-day truce between Israel and Hezbollah began at 0200 GMT. Brent is up 0.1% to $72.86/bbl, close to the intraday high, and WTI is moderately higher at $68.80/bbl after a low of $68.58. The USD index is down 0.1% but still 2.2% higher in November, which has weighed on dollar-denominated crude.

  • The market will be focussing now on not just today’s EIA data, but also the weekend’s OPEC meeting. There have been comments that the non-OPEC supply outlook is not conducive for OPEC+ to begin reducing its output cuts suggesting that they are likely to be delayed further.
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • A petroleum industry group has estimated that Trump’s 25% tariff on imports from Canada could impact almost 4mn barrels of Canadian oil and would increase US gasoline prices, according to Bloomberg.
  • Bloomberg reported a significant 5.9mn US crude inventory drawdown last week, according to people familiar with the API data. Stocks at Cushing fell 700k, while products rose with gasoline up 1.8mn and distillate 2.5mn. The official EIA data is out later today.
  • Later revised US Q3 GDP, jobless claims, November MNI Chicago PMI, preliminary October durable orders, October trade, personal income/spending & PCE price indices print. The ECB’s Lane speaks.
230 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.

Oil is little changed during APAC trading today as a 60-day truce between Israel and Hezbollah began at 0200 GMT. Brent is up 0.1% to $72.86/bbl, close to the intraday high, and WTI is moderately higher at $68.80/bbl after a low of $68.58. The USD index is down 0.1% but still 2.2% higher in November, which has weighed on dollar-denominated crude.

  • The market will be focussing now on not just today’s EIA data, but also the weekend’s OPEC meeting. There have been comments that the non-OPEC supply outlook is not conducive for OPEC+ to begin reducing its output cuts suggesting that they are likely to be delayed further.
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • A petroleum industry group has estimated that Trump’s 25% tariff on imports from Canada could impact almost 4mn barrels of Canadian oil and would increase US gasoline prices, according to Bloomberg.
  • Bloomberg reported a significant 5.9mn US crude inventory drawdown last week, according to people familiar with the API data. Stocks at Cushing fell 700k, while products rose with gasoline up 1.8mn and distillate 2.5mn. The official EIA data is out later today.
  • Later revised US Q3 GDP, jobless claims, November MNI Chicago PMI, preliminary October durable orders, October trade, personal income/spending & PCE price indices print. The ECB’s Lane speaks.