Free Trial

WTI Nearing Intraday Lows

OIL

WTI is nearing its intraday low, as an unexpected build in US crude stocks adds further downside to a lukewarm demand picture.

  • WTI MAR 24 down -2.6% at 75.82$/bbl
  • WTI MAR 24-APR 24 down -0.03$/bbl at 0.14$/bbl
  • WTI APR 24-MAY 24 down -0.01$/bbl at 0.16$/bbl
  • WTI JUN 24-DEC 24 down -0.25$/bbl at 2.5$/bbl
  • Today’s low so far was $75.72/b at 16:42 GMT (11:42 ET).
  • The increase in stocks were driven by a slower than expected recover in refinery utilisation.
  • Meanwhile, manufacturing activity in China contracted for a fourth straight month in January according to an official factory survey. This will raise concerns for Chinese oil buying appetite.

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.