OIL: Oil End of Day Summary: Crude Rises
Aug-21 18:17
WTI is headed for close trading higher again today, extending yesterday’s rally following a larger-than-expected US crude drawdown and signs of strong demand. Ongoing uncertainty around progress towards a peace deal in Ukraine weighed against market oversupply risks.
- WTI OCT 25 up 1.5% at 63.65$/bbl
- Reuters reports that as part of any peace deal with Ukraine, Russian President Vladimir Putin has four key demands of Kyiv: a full ceding of the Donbas, a formal renunciation of ambitions to join NATO, a commitment to neutrality, and no Western peacekeepers on Ukrainian soil.
- US President Trump seemingly hinted at increased military support for Ukraine in a Truth Social post amid an ebb in optimism that the White House will deliver substantial progress towards a Ukraine peace agreement.
- Moscow has said it must be part of any international talks on Ukraine’s security, as Russia continues to stall on Trump’s push for a meeting between Putin and Zelenskyy.
- India’s BPCL and Bharat Petroleum have bought Russian crude for September and October delivery, spurred by wider discounts, Reuters sources said, despite ongoing concern for the threat of additional US tariffs.
- China’s state-owned and private refiners have steered away from buying Russian Urals crude this week after Indian processors signalled a return to the market: Kpler
- Syria’s ministry of petroleum has awarded a sell tender for at least one cargo of “Syrian Heavy” crude – its first since 2011: Argus
- An expected seasonal decline in European crude import demand and autumn refinery maintenance starting are adding downward pressure on Atlantic basin crude prices, Vortexa said.
- Angola’s oil production fell below 1m b/d for the first time since it withdrew from OPEC in 2023, Bloomberg said.
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ECB: BofA See The ECB Having Perfect Cover To Defer Action To September
Jul-22 18:17
- BofA expect "no change in policy rates and only fine-tuning in communication" with Thursday's ECB decision.
- “Lagarde will have to acknowledge how recent developments have heightened the risks already flagged in the June meeting. But she will insist on the ECB being in a good position to navigate the uncertain conditions coming up. She is likely to remain firm on deciding meeting-by-meeting and not pre-committing.”
- “Most developments since June would suggest more disinflation ahead, with increased risks of a persistent inflation undershoot. However, the lack of urgency shown in June, together with no major surprises in either activity or inflation data, a bit more frontloaded German fiscal stimulus and renewed uncertainty, all provide the perfect cover for the next forecasting exercise being the right time to take further decisions.”
- “Come September it will be harder for them to claim they are in a good position. The new set of forecasts will struggle to keep 2027 inflation at 2%, while we doubt trade developments will be better than what is already assumed in ECB forecasts.”
- “Absent major surprises in real rates or the currency, we still have strong conviction in the ECB cutting then and again in December.”
US: US Pres Trump via Truth Social on Lawsuits vs. Media Companies
Jul-22 18:15
- Donald J. Trump @realDonaldTrump
- BREAKING NEWS! We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount. Just like ABC and George Slopadopoulos, CBS and its Corporate Owners knew that they defrauded the American People, and were desperate to settle. Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners, in Advertising, PSAs, or similar Programming, for a total of over $36 Million Dollars. This is another in a long line of VICTORIES over the Fake News Media, who we are holding to account for their widespread fraud and deceit. The Wall Street Journal, The Failing New York Times, The Washington Post, MSDNC, CNN, and all other Mainstream Media Liars, are ON NOTICE that the days of them being allowed to deceive the American People are OVER. MAKE AMERICA GREAT AGAIN!
MNI EXCLUSIVE: Ex-BOC Adviser On Canadian Monetary Policy Outlook
Jul-22 18:12
MNI interviews former BOC adviser on Canadian monetary policy outlook, framework -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
