TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

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

OPEC+ Likely to Extend Voluntary Cuts Beyond Q2: JPM

OIL

OPEC+ is likely to extend voluntary production cuts beyond Q2 with the fundamental oil view unchanged, according to JPMorgan.

  • The sell off due to Fed repricing this week is non-fundamental but is a strong signal of a Brent’s ceiling at $90/bbl as physical buyers stepped away.
  • Key indicators tracked by OPEC, such as curve backwardation, suggest relatively strong fundamentals but a large counter-seasonal inventory build in April is a concern.
  • OECD crude and product inventories are similar to April last year despite strong global demand growth and over 4mb/d of OPEC spare capacity.
  • The Brent forecast is unchanged at the high $80s/90/bbl through May and $85/bbl thereafter but with upside risks. Prices could rise into $90s/bbl in September with stock draws in May through August.
Energy BulletsHomepageBulletCommodities
Energy BulletsHomepageBulletCommodities

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.