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Free AccessWTI Revisits $100 As Dollar Rallies; Shanghai Cases Ease But Outbreak Expands Nationwide
WTI and Brent are ~$1.60 weaker at typing, operating a touch above Wednesday’s trough at typing. Both benchmarks have come under pressure as the USD (DXY) continues to trade a little below 5-year highs made on Wednesday in the NY session, while debate re: the trajectory of China’s current COVID outbreak has done the rounds in Asia.
- To elaborate, fresh reported COVID cases in Shanghai have declined for a fifth day to ~10.7K, the lowest in over three weeks. The outbreak however continues to spread to other key population hubs, with the city of Hangzhou (home to several Chinese large-caps) implementing a mass testing regime and Beijing reporting the limited suspension of in-person classes. A note that this comes as other areas such as the port cities of Qingdao and Qinhuangdao have been reportedly placed under full/partial lockdown.
- Keeping within the region, Sinopec has issued a forecast that crude demand in China would recover by end-Q2 in ‘22, led by predictions of “pent-up demand” once COVID case numbers recede.
- Looking to the U.S., EIA inventory data on Wednesday offered a relatively mixed picture, with figures pointing to a build in crude and Cushing hub inventories, with a surprise drawdown in gasoline stocks and a decline in distillate stockpiles observed as well.
- WTI and Brent futures largely rose off their session lows after the EIA data release, with events in China (re: demand destruction worry) Europe (re: possible sanctions on Russian crude and the cutting of Russian gas supplies to Europe) returning into focus.
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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.