MNI BRIEF: BOI Sees "Modest" Q2 EZ Growth Driven By Services

MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 584; OIL RIGS 478; GAS RIGS 100

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.10B BSL

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

Oil Sees Supply-Led Surge Whilst Further Gas Volatility On Freeport Delay

COMMODITIES
  • Crude oil has surged nearly 4% today, partly on continued spillover from yesterday’s OPEC+ comments that it may need to cut production to stabilise the volatile market and with further boost from OPEC+ sources saying it could cut production when and if Iranian production returns along with a weaker USD. Further supply issues stem from Kazakh oil exports potentially disrupted for months due to damaged moorings.
  • Natural gas meanwhile sees yet new swings, with the projected restart of the Freeport LNG terminal in Texas pushed back to early to mid-November having been targeting a restart in October. It saw US nat gas prices slide -4.4% at $9.25/MMBtu having surged to north of $10 earlier today, but came after EU markets closed, with a sharp rise set for tomorrow’s open to further exacerbate EU energy woes.
  • WTI is +3.7% at $93.67, clearing the 20-day EMA of $91.69 and moving closer to resistance at $94.17 (Aug 11) and $94.34 (50-day EMA).
  • Brent is +3.9% at $100.21, clearing the $97.88 Aug 19 high and currently testing the 20-day EMA of $100.21.
  • Gold is +0.6% at $1746.3, a rare break from consistent declines for the yellow metal as dollar strength reverses. It remains off initial resistance eyed at $1764.9 (20-day EMA) whilst support in the event of renewed downward pressure is $1727.8 (Aug 22 low).
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.