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OIL: Oil Price Rise Tempered By Disappointing China PMI

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Oil prices are up today buoyed by data showing a US crude drawdown, but they are off their intraday highs weighed by another disappointing China manufacturing PMI. WTI rose above $72 today to reach a peak of $72.29/bbl and is currently 0.5% higher at $72.05. Brent exceeded $75 earlier to make a high of $75.22/bbl but is now around $74.96 to be up 0.4% today. The USD index is 0.2% lower providing support to dollar-denominated crude.  

  • The Caixin manufacturing PMI for December disappointed, just as the China Federation one did earlier in the week. It printed at 50.5 down from 51.5 in November, and below consensus at 51.7.
  • Bloomberg reported that US inventories fell 1.4mn barrels last week but gasoline rose 2.2mn and distillate 5.7mn, according to people familiar with the API data. The official EIA data print later today.
  • The impact of stimulus on the China economy, global growth, sanction adjustments by the new US administration and its support of the domestic oil sector, the likelihood of OPEC beginning to normalise output and geopolitical developments are likely to be the key factors monitored by the oil market for now.
  • Later US jobless claims, November construction spending and S&P Global final December manufacturing PMI, European December manufacturing PMIs and euro area November M3 data print.
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Oil prices are up today buoyed by data showing a US crude drawdown, but they are off their intraday highs weighed by another disappointing China manufacturing PMI. WTI rose above $72 today to reach a peak of $72.29/bbl and is currently 0.5% higher at $72.05. Brent exceeded $75 earlier to make a high of $75.22/bbl but is now around $74.96 to be up 0.4% today. The USD index is 0.2% lower providing support to dollar-denominated crude.  

  • The Caixin manufacturing PMI for December disappointed, just as the China Federation one did earlier in the week. It printed at 50.5 down from 51.5 in November, and below consensus at 51.7.
  • Bloomberg reported that US inventories fell 1.4mn barrels last week but gasoline rose 2.2mn and distillate 5.7mn, according to people familiar with the API data. The official EIA data print later today.
  • The impact of stimulus on the China economy, global growth, sanction adjustments by the new US administration and its support of the domestic oil sector, the likelihood of OPEC beginning to normalise output and geopolitical developments are likely to be the key factors monitored by the oil market for now.
  • Later US jobless claims, November construction spending and S&P Global final December manufacturing PMI, European December manufacturing PMIs and euro area November M3 data print.