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MNI: ITALY NOV MANUF PMI 44.5 (FCST 46.0); OCT 46.9

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On Track For Worst Week In Three Months

OIL

Oil is essentially flat on Friday, unable to sustain yesterday's upward momentum; WTI is up $0.05 from settlement at $72.99/bbl, Brent is down $0.06 at $74.06/bbl. The benchmarks are on track for their worst week since April. After several sessions of losses, WTI and Brent crude futures managed to hold onto positive territory Thursday as the market bias switched to short-covering, helped by a much larger-than-expected draw in crude oil inventories. The headline crude oil inventories number saw a near 7mln bbls draw on reserves vs. expectations of just 4.5mln bbls. Similarly, NatGas also saw solid gains on a much smaller than expected build in reserves, of just 16 BCF.

Energy BulletsCommodities
Energy BulletsCommodities

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