MNI BRIEF: Japan Q4 Output Gap Posts Positive Figure - BOJ

MNI: PBOC Drains Net CNY248 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0949 Weds; -4.77% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.0949 WEDS VS 7.0957

MNI China Daily Summary: Tuesday, April 2

UK Timeline of Key Events (All Times UK)

Eurozone Timeline of Key Events (BST)

Indon Sov Curve Steeper,IDR Hits 4 Year Highs Amid Heavy Bond Selling

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

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Tight Supplies Underpinning Prices

OIL

Oil prices reached a trough in early trading today after giving up gains on hawkish comments from Fed Chairman Powell. WTI is down 0.5% from its close to around $89.50/bbl and Brent -0.3% to $95.85. The drawdown in crude (-3.115mn barrels) inventories in the US reported by the EIA confirmed the tightness of the market, which has been underpinning prices.

  • WTI is now trading above its 10-, 20- and 50-day moving averages.
  • The demand outlook for oil remains uncertain with central banks still hawkish and the top health body in China saying that its Zero-Covid Policy remains its strategy to fight the virus.
  • EIA inventories of gasoline fell 1.26mn barrels, the lowest since November 2014, and distillate (used in heating oil and transport fuels) stocks were still at a record low in the US going into winter.
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