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

Seeking Direction In Asia; Biden Visits Saudi Arabia

OIL

WTI is ~+$0.50 and Brent is ~+$0.90, with both keeping within relatively tight ~$1.40 channels across Asia-Pac dealing. Brent has struggled to make meaningful headway above $100 and remains vulnerable to record a weekly close below $100 for the first time since end-Feb, with crude continuing to show weakness in recent sessions on rising recession worry and a strengthening USD.

  • Both benchmarks initially edged a little lower on worry re: reduced Chinese energy demand, with news of Shanghai listing 30 “areas” (single housing compounds or clusters of apartment blocks) within the city to be subject to lockdowns (although lockdowns on 60 areas within the city were lifted on Friday), adding to surge in fresh daily COVID cases countrywide (432 for Thu vs 292 Wed).
  • Keeping within the region, a BBG report has highlighted that crude refining margins across Asia are continuing to pull lower, pointing to falling demand for oil products across the region amidst higher energy prices.
  • Elsewhere, U.S. President Biden is due to speak with Saudi Prince MBS at approx. 1845 IDT (1645 BST) later on Friday. Expectations for the meeting to see increased Saudi crude production remain low, with analysts having long pointed to limited spare capacity in the Gulf states.
  • Separately, progress towards potential caps on the price of Russian oil remains scant (with major importer China remaining on the sidelines), with U.S. Tsy Sec. Yellen proposing on Thursday that the U.S. and the EU could waive bans on shipping insurance and financial services for Russia should the measure be adopted.
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.