MNI: PBOC Drains Net CNY248 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0949 Weds; -4.77% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.0949 WEDS VS 7.0957

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Supported By Tight Markets But Gas Slumps With Fire

COMMODITIES
  • Crude oil prices have been supported today by an unexpected EIA crude draw, driven by a 1.7mbpd drop in crude exports as imports and production remain steady.
  • An already tight market sees solid gains across the WTI curve, with the front contract +2.1% at $121.94. Touching a high of $123.18, it came close to testing the third resistance level at $123.35 (1.236 proj of the May 11-17-19 price swing).
  • Brent sees a similar gain, +2.3% at $123.4 off a high of $124.40, stopping just short of the bull trigger at $124.42 (Mar 7 high).
  • Gold meanwhile has a more muted day, +0.1% at $1853.8, holding up well considering higher Treasury yields and a marginally stronger USD, with the impetus coming from a rolling over in equities. Resistance remains the 50-day EMA of $1873.4 with support at $1828.6 (Jun 1 low).
  • US natural on the other hand falls -4.7% with a fire at the Freeport LNG terminal in Texas on implications that more US LNG could stay in the US rather than the almost three-quarters that was exported to Europe in the first four months of the year.
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.