MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (1/2)

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

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

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

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Supply And Demand Reports Positive For Crude Prices

OIL

Supply and demand news has been positive for oil prices today, which are up over a percent. There are reports that OPEC+ will cut output at its December 4 meeting and China is to hold a press conference later regarding Covid prevention measures.

  • WTI is currently trading close to its intraday high around $78.25/bbl after a low earlier of $76.29. Brent has been playing some catch up after diverging from WTI overnight and is also close to its intraday high at around $84.60. The USD weakened as risk sentiment improved and is now down 0.4%.
  • Initial resistance for WTI is at $79.90/bbl, the November 25 high, and support at $73.38. It has been trading today in the upper part of this range.
  • The EU price cap on shipments of Russian oil comes into effect on December 5, a day after the OPEC+ meeting. As of last night, the EU had not yet decided what the cap would be but a level as low as $62/bbl was discussed.
  • There is very little overnight except for some US house price data and US November consumer confidence. The US API also publishes its latest inventory numbers. Last week it showed a drawdown of 4.8mn barrels.
Energy BulletsCommodities
Energy BulletsCommodities

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