MNI BRIEF: BOJ Can Afford Caution - Dep Gov Himino

MNI: GERMANY AUGUST RETAIL SALES +1.6% M/M

MNI: PBOC Net Drains CNY142 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0742 Thurs; +3.18% Y/Y

CHINA PBOC CONDUCTS CNY150 BLN VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.0742 THURS VS 7.0568

MNI: NORWAY SEP CORE CPI +0.3% M/M, +3.1% Y/Y

MNI: NORWAY SEP CPI +0.3% M/M, +3% Y/Y

MNI: JAPAN SEPT CORP GOODS PRICE INDEX +2.8% Y/Y; AUG REV +2.6%

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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

OIL: Recouping Wednesday's Losses, Better China Sentiment Helping

OIL
BulletEnergy BulletsCommodities

Brent crude has pushed back above $77/bbl in the first part of Thursday dealings. We are up close to 0.80%, which is completely offsetting Wednesday's drop at this stage. WTI was last near $73.80/bbl, up by the same amount, although we haven't been able to test above $74/bbl so far. 

  • Better China related asset sentiment has likely helped oil at the margins today. Onshore China equities (and in HK) are up firmly. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.
  • Crude was under pressure through Wednesday US trade, as a report showed US stockpiles rose nearly 6mln barrels last week. The firmer USD/US yield backdrop was also a headwind.
  • The other watch point for markets remains Middle East tensions, with Israel's retaliation against Iran still awaited.
  • For Brent, intra-session lows from Wednesday came near $75/bbl. This was right on the 20-day EMA. Recent highs remain intact just abvoe $81/bbl.
  • Upcoming macro focus will rest on the US CPI print later. 
179 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.

Brent crude has pushed back above $77/bbl in the first part of Thursday dealings. We are up close to 0.80%, which is completely offsetting Wednesday's drop at this stage. WTI was last near $73.80/bbl, up by the same amount, although we haven't been able to test above $74/bbl so far. 

  • Better China related asset sentiment has likely helped oil at the margins today. Onshore China equities (and in HK) are up firmly. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.
  • Crude was under pressure through Wednesday US trade, as a report showed US stockpiles rose nearly 6mln barrels last week. The firmer USD/US yield backdrop was also a headwind.
  • The other watch point for markets remains Middle East tensions, with Israel's retaliation against Iran still awaited.
  • For Brent, intra-session lows from Wednesday came near $75/bbl. This was right on the 20-day EMA. Recent highs remain intact just abvoe $81/bbl.
  • Upcoming macro focus will rest on the US CPI print later.