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MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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Stimulus Hopes Boost Oil, Nat Gas Surges On Norwegian Works

COMMODITIES
  • Crude oil has gained strongly today to unwind yesterday’s slide but no more than that.
  • China cutting short-term rates and hopes of further Chinese stimulus have played a role, as seemingly did a rally in Treasuries after the US CPI data although a subsequent sharp reversal of that and yields pushing significantly higher on the day has had a relatively modest impact.
  • EU TTF natural gas meanwhile has surged 16% on tight supply concerns as Norway extends the outages at gas plants and fields. Nyhamna gas plant, Ormen Lange and Aasta Hansteen field works were extended until 15 July.
  • WTI is +3.1% at $69.2, moving back nearer to resistance at $71.30 (20-day EMA).
  • Brent is +3.1% at $74.05, moving back nearer to resistance at $75.59 (20-day EMA).
  • Gold is -0.85% at $1941.26 as it moves closer to support at $1932.2 (May 31 low) with notably higher Tsy yields offseting a softer USD index on the day.
Energy BulletsCommodities
Energy BulletsCommodities

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