MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Recovery In Crude & Gold Aided By USD Tailwind

COMMODITIES
  • A volatile session for crude but one that is ending with ~1% gains, aided by a tailwind from USD depreciation after weaker than expected US data.
  • There are however continued concerns around energy demand in major markets like US and China, whilst signs of lower global oil inventories weigh against increasing supplies from Russia and Iran (the latter including Russian crude shipments at the highest in two months in the week to Aug 27).
  • Chinese refiners have a weaker outlook for the recovery in Chinese demand, with Sinopec (China’s biggest refiner) saying Monday that the country’s product demand in the second half would expand at a slower pace than in the first.
  • Shell is not shutting any of its offshore production due to Hurricane Idalia, a spokesperson for the company said.
  • WTI is +1.1% at $80.95, ultimately taking a step closer to resistance at $81.75 (Aug 21 high).
  • Brent is +1.0% at $85.24, moving closer to resistance at $85.68 (Aug 21 high) after which lies the bull trigger at $88.10 (Aug 10 high).
  • Gold is +0.8% at $1936.02, directly benefting from the slide in the USD. It has cleared the 50-day EMA ($1930.4) and next opens $1946.8 (Aug 4 high).
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.