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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.
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Free AccessOil Surges After Record Drop In Domestic Fuel Inventories
- U.S. gasoline inventories collapsed last week by the most since 1990 after the Texas freeze erased over 5 million barrels/day of refining capacity in late Feb, according to EIA data. Crude stockpiles swelled with refineries still shut.
- Markets expected volatility in the data following the weather, however, the massive product draw more than offset the record crude build. WTI crude futures dipped on the data to $60.22 before quickly erasing the losses and rallying throughout the latter part of the session to a high just shy of $62, residing up 3.25% on the day.
- Additional tailwinds from OPEC+ headlines, where no recommendation was made on output. Some member states appear to be pushing for a higher level of easing of the cuts, while others are being more cautious. The talks will continue tomorrow.
- Higher yields and a slightly firmer US dollar weighed on metals, with spot gold (-1.28%) and silver (-1.85%) continuing their short-term downward bias that commenced in late February. Gold now eyes support at the 61.8% retracement of the Mar - Aug 2020 rally at $1689.90. Copper futures also struggled, losing 1.67%
- Bitcoin soared back above the $50,000 mark and is currently up 8.5% as markets continue to digest Goldman Sachs relaunching their crypto-currency trading operations.
To read the full story
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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.