DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

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

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

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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

Renewed Lockdown Concerns Weigh

OIL

Crude futures are slightly lower to start the week; WTI around $0.29 off settlement levels at $60.64/bbl, while Brent is $0.20 lower at $64.37.

  • The Suez Canal remains blocked by a container ship, but markets are more focused on the potential impact on demand of fresh lockdowns round the world. German Chancellor Merkel has threatened to use federal law if states do not act to contain the virus, measures could include curfews among others. Elsewhere, Brisbane, Australia's third most populated city, has declared a three-day lockdown from Monday 29 March due to four confirmed community cases of the UK variant of the virus.
  • Market participants will also look to Abu Dhabi where futures contracts for its oil will be available, the country will then ship the barrels from Fujairah. This is the first move in creating a new regional benchmark and will challenge pricing for around 20% of the world's crude supply.
  • Elsewhere, Indonesia's Pertamina said that an incident has caused a fire at its 125k Balongan refinery but its fuel supply was not affected.
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.