Free Trial

Oil Price Update - Crude Continues to Fall

OIL

Crude is maintaining its steep fall on the day, driven by a strengthening US dollar, and pressure on demand from rising interest rates.

  • There is added downward pressure after the S&P Global US Manufacturing PMI comes out higher than expected (49.8 vs. 48.9 est).
  • USD remained well bid late Monday (DXY +.740 at 106.914), directional with US Tsy yields climbing to new 16-year highs at midday Extra downward pressure after the S&P Global US Manufacturing PMI comes out higher than expected (49.8 vs. 48.9 est).
  • The widely expected market deficit in Q4 amid tight supplies and inventories drawdowns is however helping maintain both flat price and spread well above levels seen in early September.
  • WTI NOV 23 down -1.9% at 89.04$/bbl
  • Gasoil OCT 23 down -2.8% at 973.75$/mt
  • WTI-Brent up 1.11$/bbl at -3.42$/bbl
  • WTI NOV 23-DEC 23 down -0.26$/bbl at 1.73$/bbl
  • WTI DEC 23-JAN 24 down -0.26$/bbl at 1.56$/bbl
  • WTI DEC 23-DEC 24 down -1.27$/bbl at 9.67$/bbl

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.