MNI BRIEF: BOJ To Mull Hikes If 2% Probability Rises - Ueda

MNI BRIEF: Case For ECB Cuts Strengthening, Accounts Show

MNI INTERVIEW2: Germany Faces Stagnation -Former Experts Chair

MNI BRIEF: Monetary, Fiscal Policy Need Harmony - Campos Neto

CORRECTED-MNI: Changing Brazil Fiscal Target Not "Plan A"

MNI BRIEF: PBOC To Curb Any Overshooting Of The Yuan-MPC

MNI:AUSTRALIA FEB TRADE BALANCE A$+7280

EZ/UK Bond Supply Calendar: EU Auction And BoE Short APF Mon

US EIA:NAT GAS STORAGE -37 BCF TO 2,259 BCF MAR 29 WK

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

Tracking 5.5% Lower For The Week

OIL

Brent crude is close to session lows, last near $82/bbl, while WTI sat around $75.60/bbl. For Brent we remain above Thursday session lows near $81/bbl, but we are still well down for the week, off by 5.5% at this stage. Oil, along with other commodities haven't enjoyed the same risk bounce that equities saw post the Fed.

  • Brent is back below all key EMAs, with the 20 and 50 day sitting back between $84-$85/bbl respectively. A break below $80/bbl would leave the market targeting $77.77 (Jan 5 low).
  • Some air has come out the China re-opening trade this week, while swelling US crude stockpiles also remains a cap on near term upside.
  • Looking ahead, over the weekend the EU's ban on seaborne imports of diesel comes into effect on Sunday, while US Secretary of State Blinken visits China on the same day. Then next week we have the usual weekly US inventory reports.
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.