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Free AccessWorking Away From Lows; Chinese Fuel Export Quota Eyed
WTI and Brent are $0.50 firmer apiece, consolidating a little above recent lows as the bearish impetus from Wednesday’s decline in crude has moderated.
- To recap, both benchmarks gave up early gains of as much as $2-3 apiece (derived from Russian Pres. Putin announcing a partial mobilisation of the Russian military), dipping below neutral levels after the Fed raised rates by 75bp (keeping in mind wider worry re: a Fed-led economic slowdown), before falling to fresh session lows on the EIA’s weekly inventory data.
- To elaborate on the latter, EIA data pointed to a below-expectations build in crude stocks, a surprise build in gasoline and distillate inventories, and an increase in Cushing hub stocks, largely corroborating reports of the API’s inventory estimates on Tuesday.
- Elsewhere, participants will be keeping an eye on news of fuel export quotas from the Chinese authorities as Chinese crude stockpiles have declined.
- The above comes amidst rising expectations from some quarters for a larger quota to support the flagging economic growth outlook, possibly improving the outlook for crude demand, while adding to global oil product supplies
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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.