CANADA NOV TRADE BALANCE -CAD323 MLN VS PRIOR -CAD544 MLN

MNI BRIEF: NGEU Potential Growth Lift Less Than Expected -ECB

MNI China Daily Summary: Tuesday, January 7

MNI China Press Digest Jan 7: CPI, New Loans, Local Bonds

MNI: PBOC Net Drains CNY150.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1879 Tues; -2.42% Y/Y

MNI: US REDBOOK: JAN STORE SALES +5.8% V YR AGO MO

MNI: US NOV TRADE GAP -$78.2B VS OCT -$73.6B

MNI: CANADIAN NOV TRADE BALANCE CAD -0.3 BILLION

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Rangebound Crude Futures Amid Thin Volume

OIL
BulletEnergy BulletsCommodities

Crude front month futures remain rangebound amid thin trading while holding between $70.7/bbl and $76.5/bbl since mid October, as concern for a potential surplus in 2025 offsets geopolitical developments. 

  • Israel now appears to be focusing on the Iran-backed Houthi rebels in Yemen. The possibility that conflict in the Middle East will impact oil supplies is still an upside price risk.
  • The lack of details around increased China stimulus in 2025 has limited the upside to oil as the market remains concerned for global demand growth. The World Bank has raised its forecast for China's economic growth in 2024 and 2025 but warned that the property sector and subdued household and business confidence would remain a drag.
  • China's PMI factory surveys and the U.S. ISM survey for December will be in focus this week to assess growth in the world's two largest oil consumers.
  • The production outlook has become clouded with the election of Trump to the US presidency. He is likely to support US production further while tightening sanctions on Iran and has threatened tariffs on Canada and Mexico.
    • Brent MAR 25 down 0.2% at 73.67$/bbl
    • WTI FEB 25 down 0.2% at 70.49$/bbl
    • Brent MAR 25-APR 25 down 0.01$/bbl at 0.47$/bbl
    • Brent JUN 25-DEC 25 down 0.04$/bbl at 1.68$/bbl
    • US gasoline crack up 0.3$/bbl at 12.37$/bbl
    • US ULSD crack up 1$/bbl at 24.9$/bbl
214 words

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.

Crude front month futures remain rangebound amid thin trading while holding between $70.7/bbl and $76.5/bbl since mid October, as concern for a potential surplus in 2025 offsets geopolitical developments. 

  • Israel now appears to be focusing on the Iran-backed Houthi rebels in Yemen. The possibility that conflict in the Middle East will impact oil supplies is still an upside price risk.
  • The lack of details around increased China stimulus in 2025 has limited the upside to oil as the market remains concerned for global demand growth. The World Bank has raised its forecast for China's economic growth in 2024 and 2025 but warned that the property sector and subdued household and business confidence would remain a drag.
  • China's PMI factory surveys and the U.S. ISM survey for December will be in focus this week to assess growth in the world's two largest oil consumers.
  • The production outlook has become clouded with the election of Trump to the US presidency. He is likely to support US production further while tightening sanctions on Iran and has threatened tariffs on Canada and Mexico.
    • Brent MAR 25 down 0.2% at 73.67$/bbl
    • WTI FEB 25 down 0.2% at 70.49$/bbl
    • Brent MAR 25-APR 25 down 0.01$/bbl at 0.47$/bbl
    • Brent JUN 25-DEC 25 down 0.04$/bbl at 1.68$/bbl
    • US gasoline crack up 0.3$/bbl at 12.37$/bbl
    • US ULSD crack up 1$/bbl at 24.9$/bbl