OIL: Middle East Crude Extends Rally: Reuters
Oct-31 11:02
Middle East Crude Benchmarks Dubai and Murban rallied for a second session Oct. 31, supported by spot demand from India as it seeks replacements for Russian oil, Reuters reported.
- The benchmarks premiums experienced a volatile month as Western sanctions targeting top Russian oil producers disrupted buying patterns from China and India, Reuters said.
- Traders Vitol and Mercuria each purchased one cargo of Upper Zakum crude from Inpex for loading in January, Bloomberg reported. The move is earlier than usual for the given loading period, traders told Bloomberg.
- However, OPEC+ output hikes have also weighed on the market, leading to a decline in the monthly average of premiums.
- The Dec OSP for KSA’s Arab Light crude will likely decline by $1.20-$1.50/b to a premium over Oman/Dubai average of around 70 cents/b to $1/b, according to a Reuters survey.
- The December OSPs for other crude grades - Arab Extra Light, Arab Medium and Arab Heavy - could fall by $1.20-1.50/b versus Nov, the survey showed.
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MNI: US MBA: MARKET COMPOSITE -12.7% SA THRU SEP 26 WK
Oct-01 11:00
- MNI: US MBA: MARKET COMPOSITE -12.7% SA THRU SEP 26 WK
US TSYS: Closed Until Further Notice
Oct-01 10:58
- US Government closed until further notice. First closure since Pres Trump's first term from Dec 22, 2018 to Jan 25, 2019. An estimated 750,000 federal employees expected to be furloughed according to Congressional Budget Office (CBO) based on federal agencies' contingency plans.
- Most of today's data will be released as scheduled as most provided by private sector. Exception: US Census Bureau's Construction Spending delayed until government reopens. Friday's employment report will be suspended as well, according to the BLS.
- The BLS plans to "suspend all operations. Economic data that are scheduled to be released during the lapse will not be released. All active data collection activities for BLS surveys will cease. The BLS website will not be updated with new content or restored in the event of a technical failure during a lapse." LINK
- Treasuries are trading steady to modestly mixed w/ Bonds lagging 5s-10s: Tsy Dec'25 10Y contract (TYZ5) currently trades at 112-17 (+1) on average cumulative volumes of 275k. 10Y yield at 4.1503% (+.0000). Curves twist steeper: 2s10s +.807 at 54.798, 5s30s +2.462 at 101.31.
- A short-term bear cycle in Treasury futures remains in play. Recent weakness has resulted in a print below the 50-day EMA, currently at 112-10+. A clear break of this average would undermine a bull theme and signal scope for a deeper retracement. This would open 111-13+, the Aug 18 low and the next key support. On the upside, initial firm resistance to watch is unchanged, at 113-00, the Sep 24 high.
- Economic Data: MBA Mortgage Applications (0700ET), ADP Employment Change (0815ET), S&P Global US Manufacturing PMI (0945ET) and ISMs (1000ET).
- Treasury Auctions: $67B 17W bills at 1130ET.
- Fedspeak: Richmond Fed Barkin moderated discussion on economy (text) (1215ET), Chicago Fed Goolsbee radio interview Marketplace (1700ET).
- Politics: WH Press Sec Leavitt briefing (1300ET). President Trump to sign executive orders (1630ET) - closed to press. Expect to see social media posts from President Trump, however.
MNI EXCLUSIVE: French Government Officials on 2026 Budget Deal Chances
Oct-01 10:54
- French government officials comment on chances for a deal on a 2026 budget -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
