TEST, PLEASE IGNORE

MNI EM China Daily Summary: Tuesday, April 9

MNI EM China Daily Summary: Tuesday, April 9

MNI BRIEF: China Auto Exports Hit Record High In March

MNI: PBOC Conducts Net CNY2 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0956 Tues; -4.88% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: Germany, Portugal Due Wednesday

MNI: US REDBOOK: APR STORE SALES +4.2% V YR AGO MO

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 Whipsaws As US Gasoline Demand Wins Out

COMMODITIES
  • Crude oil is currently up more than 1% on a day of whipsawing. Bearish price drivers included oil flows via Druzhba and Iraq production coming in just above its OPEC+ quota of 4.580mbpd in Jul at 4.584mbpd (+69k from June). That was before EIA data showed a much larger than expected drawdown in US gasoline stockpiles (-4.978M vs -1.152M) for the biggest weekly drop in 10 months, which seemed to carry more weight than an also large surprise build in crude inventories on a strong build in production and an unexpected fall in crude exports.
  • Focus ahead on global supply and demand balances from OPEC and IEA.
  • In Germany, low Rhine water levels threaten the ceasing of diesel and coal transport, with the marker at Kaub forecast to drop to the critical depth of 40cm early on Aug. 12, and set to continue dropping, to 37cm the following day.
  • WTI is +1.44% at $91.79, pushing back against a doji candle pattern highlighting the possible end of the recent 3-day bounce. Resistance is eyed at $94.67 (20-day EMA) whilst support is seen at $87.01 (Aug 5 low).
  • Brent is +1.07% at $97.34, moving closer to initial resistance eyed at $99.30 (20-day EMA).
  • Gold is -0.25% at $1789.68, down from a post-CPI snap reaction of $1807.93, temporarily clearing trendline resistance at $1794.6 to leaving resistance at $1829.8 (38.2% retracement of Mar 8 – Jul 21 bear leg).
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.