MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

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

Prices Range Bound Close To November Lows, IEA Report Published Later

OIL

Oil prices have been trading in a very narrow range close to the November lows after falling over 3% overnight. Supply concerns are currently slightly outweighing tight supply as there has been little additional energy news. WTI has traded between $85-$86/bbl and is now just under $85.50 while Brent’s range has been $92.50-$93.50 and is now about $92.90.

  • The weaker-than-expected October economic data out of China plus a growing number of Covid infections weighed on sentiment in the oil market today.
  • News had not been good for either supply and demand with OPEC revising down oil demand expectations again for Q4, while for the first time in 2 years, the US fracked fewer wells than they had drilled. (Bloomberg)
  • The International Energy Agency publishes its Oil Market Report for November later and any material change to its supply and demand forecasts could move the market. US API inventory data is also published tonight. Last week it showed a 5.6mn barrel inventory build.
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.