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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.
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Free AccessMNI US Macro Weekly: Politics To The Fore
MNI Credit Weekly: Le Vendredi Noir
Rally Rides Again
Crude futures are higher in Asia on Thursday, extending yesterday's rally, though still just below highs hit on Thursday. WTI is up $0.35 at $61.63, brent is up $0.42 at $64.49.
- Production data yesterday was bullish for crude. gasoline inventories collapsed, dropping the most since 1990 after the Texas deep freeze took out over 5m bpd of refining capacity, distillate inventories also recorded their largest draw since January 2003. Headline crude stocks rose but markets instead focused on the bullish downstream readings.
- There were additional tailwinds for oil from OPEC+ headlines, where no recommendation was made on output. Some member states appear to be pushing for a higher level of easing of the cuts, while others are being more cautious. It was reported that Saudi Arabia are cautious on oil's recovery and wants to limit any rise in production quotas. The talks will continue today.
To read the full story
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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.