MNI BRIEF: Policy Move Eyed If Inflation Meets 2% - BOJ's Ueda

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1059 TUES VS 7.1043

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Prices Continue Recovery As Risk Appetite Improves

OIL

Crude continued to recover on Tuesday in line with improving risk appetite following the UBS-CS deal and US considerations to raise the deposit insurance limit. Brent rose 1.7% to around $75.07/bbl, close to the intraday high of $75.42 following a low of $72.82. WTI jumped 2.5% to $69.67, just below its high of $69.77. The USD index was flat.

  • WTI approached resistance of $69.83, the March 17 high, but didn’t break it. The next level to watch is $72.71. Initial resistance for Brent is $75.92 followed by $78.84.
  • Russia’s Deputy PM Novak said that the 500kbd production cut target will be reached in coming days and that it will continue until June. Tanker data however is suggesting that there has been little change to date.
  • If recent banking troubles result in credit tightening in the US, then shale production could be impacted, which would put upward pressure on oil prices.
  • According to Bloomberg, reportedly there was another increase in US crude stocks conveyed by the API of 3.26mn barrels last week. Whereas gasoline inventories fell 1.09mn and distillate -1.83mn. The official EIA stock data is released later today.
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.