MNI BRIEF: Bank Of Italy Downgrades 2024 Inflation Forecast

CANADA MAR JOBLESS RATE 6.1% VS FORECAST 5.9%, PRIOR 5.8%

MNI: Canada Wages Up 5% Even With Highest Jobless Rate In 2Yrs

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: US FEB CONSUMER CREDIT +$14.1B

MNI: BAKER HUGHES US RIG COUNT 620; OIL RIGS 508; GAS RIGS 110

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

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

White House Looking At Tapping Oil Reserves

COMMODITIES
  • Crude oil sees a larger slide after yesterday’s broad tracking sideways, having now fallen over $8/bbl since the peak after the OPEC+ production cut announcement at the start of the month.
  • Earlier declines came without clear drivers in the US session but later saw the Biden administration moving toward a release of at least another 10-15mln barrels of oil from the SPR according to people familiar with the matter, with Bloomberg reporting it's effectively the tail end of the 165mln delivered or put under contract of the 180mln barrels total.
  • In other news, Exxon, Shell, Chevron, BP and ConocoPhillips are being sued by New Jersey over climate change whilst Mexico confirms it now has an oil hedge program that protects itself if prices decline below $68.70 through 2023.
  • WTI is -2.7% at $83.14, through support at 84.61 (Oct 17 low) and having earlier cleared $82.89 (61.8% retrace of Sep 26 – Oct 10 rally), opening $79.14 (Sep 30 low).
  • Brent is -1.4% at $90.30 having cleared $90.59 (50% retrace of Sep 26 – Oct 10 rally) to open the 61.8% retrace at $88.67.
  • Gold is +0.1% at $1651.30 after a more subdued session. The trend signals remain bearish with support at $1640.2 (Oct 14 low) whilst resistance is seen at $1684.0 (Oct 11 high).
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.