MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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 Products Rebound as Crude Drifts off Highs

OIL

Oil drifts down from highs on Wednesday but still up from the end of last week.

  • Brent AUG 22 down -0.3% at 122.76$/bbl
  • WTI JUL 22 down -0.2% at 121.22$/bbl
  • Gasoil JUL 22 down -0.2% at 1304.75$/mt
  • WTI-Brent down -0.05$/bbl at -3.94$/bbl
  • Supply side concerns have continued to drive crude higher with falling Russian supplies not so far covered by OPEC or US barrels.
  • Uncertainty over how quickly Chinese demand may recover has resurfaced after Shanghai reinstated covid restrictions on 7 districts this weekend to conduct testing. If further cases are found it could result in the implementation of longer restrictions.
  • After a volatile couple of days, the oil product markets are again back near highs from the start of the week. Oil product stocks are at very low levels and missing Russian barrels combined with limited refining capacity are impacting supply. Despite high pump prices demand has stayed strong and the US summer driving season is expected to maintain consumption and keep prices high.
  • The tight markets are maintaining the strong backwardation of the forward curve with spreads either at record highs or at least the highest since March.
  • Brent AUG 22-SEP 22 unchanged $/bbl at 2.77$/bbl
  • Brent DEC 22-DEC 23 down -0.1$/bbl at 15.57$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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.