MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on 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 Summary at European Close: Crude Falls on Dollar Strength

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Crude markets have erased earlier gains to be in losses on the day, with pressure coming from a strengthening US dollar.

  • Brent JUL 24 down 0.7% at 83.65$/bbl
  • WTI JUL 24 down 0.6% at 79.33$/bbl
  • WTI-Brent up 0.02$/bbl at -4.31$/bbl
  • USD Index up 0.42% at 1254.36
  • The spokesman has claimed in a statement that the Iran-backed group has launched its latest 'fourth-round' of military operations, targeting six ships.
  • The IRGC-linked Tasnim News Agency has reported that Iran has provided the Houthi rebels in Yemen with its latest Ghadr sea-launched ballistic missiles.
  • Due to the voluntary nature of the cuts, announcements may be declared prior to the meet, usually by Saudi first followed shortly by Russia and then the rest of the group.
  • The rising global oil inventories through April may boost the case for OPEC+ to extend its voluntary cuts into H2: Reuters
  • Non-OPEC+ seaborne crude exports remain strong but both non-OPEC+ and OPEC+ are sending less barrels to an oversupplied Atlantic Basin according to Vortexa.
  • ARA crude inventories rose 778k bbl or 1.4% the in week ended May 24 to 58.5m bbl according to Genscape.
  • The Caspian Pipeline Consortium – which flows Kazakhstan’s oil via a Russian Black Sea Terminal – expects its oil exports to fall 7% short of targets this year due to a drop from Tengiz.
  • Iraq exported 102.38m bbl of crude in April, according to the country’s Oil Ministry, cited by Xinhua.
  • BofA expects OPEC+ to extend its current cuts into the second half of the year according to Francisco Blanch, its Securities head of global commodity and derivatives research in a CNBC interview.
  • MNI COMMODITY WEEKLY- Full piece here:
275 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.

Crude markets have erased earlier gains to be in losses on the day, with pressure coming from a strengthening US dollar.

  • Brent JUL 24 down 0.7% at 83.65$/bbl
  • WTI JUL 24 down 0.6% at 79.33$/bbl
  • WTI-Brent up 0.02$/bbl at -4.31$/bbl
  • USD Index up 0.42% at 1254.36
  • The spokesman has claimed in a statement that the Iran-backed group has launched its latest 'fourth-round' of military operations, targeting six ships.
  • The IRGC-linked Tasnim News Agency has reported that Iran has provided the Houthi rebels in Yemen with its latest Ghadr sea-launched ballistic missiles.
  • Due to the voluntary nature of the cuts, announcements may be declared prior to the meet, usually by Saudi first followed shortly by Russia and then the rest of the group.
  • The rising global oil inventories through April may boost the case for OPEC+ to extend its voluntary cuts into H2: Reuters
  • Non-OPEC+ seaborne crude exports remain strong but both non-OPEC+ and OPEC+ are sending less barrels to an oversupplied Atlantic Basin according to Vortexa.
  • ARA crude inventories rose 778k bbl or 1.4% the in week ended May 24 to 58.5m bbl according to Genscape.
  • The Caspian Pipeline Consortium – which flows Kazakhstan’s oil via a Russian Black Sea Terminal – expects its oil exports to fall 7% short of targets this year due to a drop from Tengiz.
  • Iraq exported 102.38m bbl of crude in April, according to the country’s Oil Ministry, cited by Xinhua.
  • BofA expects OPEC+ to extend its current cuts into the second half of the year according to Francisco Blanch, its Securities head of global commodity and derivatives research in a CNBC interview.
  • MNI COMMODITY WEEKLY- Full piece here: