CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

OIL: Volatile Brent Weighs Iran Supply Risk

OIL
BulletEnergy BulletsCommodities

Brent crude is lower in early trading today after a rally yesterday with an increased geopolitical risk premium towards the weekend. Brent has bounced between $75.15/bbl and $81.16/bbl this week as risk of supply disruption in the Middle East is set against existing market concern for weak demand and a surplus next year.

  • Uncertainty remains over Israel's retaliation against Iran and the risk of strikes on oil facilities. The Israeli cabinet met on Thursday as it considers options. US President Biden and Gulf states continue to call for Israel not to target Iran's oil assets.
  • Libya’s National Oil Corp. says daily crude oil and condensate production has been restored to 1.217mb/d on Oct. 10 up from 1.158mb/d the previous day, according to Reuters.
  • Tomorrow is the China fiscal briefing from the MOF, with any fresh stimulus measures eyed for the China outlook.
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 but destruction could dampen fuel demand with millions without power.
  • Pemex's 312,500-barrel-per-day (bpd) Deer Park oil refinery in Texas shut the 92kbpd coker and a hydrotreater after a chemical leak which killed two people.
  • Diesel cracks have held relatively rangebound this week, but gasoline cracks have rallied after improved US demand.
    • Brent DEC 24 down 1% at 78.61$/bbl
    • WTI NOV 24 down 0.9% at 75.15$/bbl
    • Brent DEC 24-JAN 25 down 0.01$/bbl at 0.53$/bbl
    • Brent DEC 24-DEC 25 down 0.28$/bbl at 3.73$/bbl
    • US gasoline crack down 0.2$/bbl at 14.39$/bbl
    • US ULSD crack down 0.3$/bbl at 22.72$/bbl
244 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 is lower in early trading today after a rally yesterday with an increased geopolitical risk premium towards the weekend. Brent has bounced between $75.15/bbl and $81.16/bbl this week as risk of supply disruption in the Middle East is set against existing market concern for weak demand and a surplus next year.

  • Uncertainty remains over Israel's retaliation against Iran and the risk of strikes on oil facilities. The Israeli cabinet met on Thursday as it considers options. US President Biden and Gulf states continue to call for Israel not to target Iran's oil assets.
  • Libya’s National Oil Corp. says daily crude oil and condensate production has been restored to 1.217mb/d on Oct. 10 up from 1.158mb/d the previous day, according to Reuters.
  • Tomorrow is the China fiscal briefing from the MOF, with any fresh stimulus measures eyed for the China outlook.
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 but destruction could dampen fuel demand with millions without power.
  • Pemex's 312,500-barrel-per-day (bpd) Deer Park oil refinery in Texas shut the 92kbpd coker and a hydrotreater after a chemical leak which killed two people.
  • Diesel cracks have held relatively rangebound this week, but gasoline cracks have rallied after improved US demand.
    • Brent DEC 24 down 1% at 78.61$/bbl
    • WTI NOV 24 down 0.9% at 75.15$/bbl
    • Brent DEC 24-JAN 25 down 0.01$/bbl at 0.53$/bbl
    • Brent DEC 24-DEC 25 down 0.28$/bbl at 3.73$/bbl
    • US gasoline crack down 0.2$/bbl at 14.39$/bbl
    • US ULSD crack down 0.3$/bbl at 22.72$/bbl