Tonight China NBS Manufacturing PMI8:30pm China will release their NBS Manufacturing numbers which last came in at 47 and was the steepest pace of contraction since Feb 2020 the consensus for tonight is 49.8 so any number higher will be bullish for Oil now it's a race to what team comes out with market-sensitive data first, the bulls or bears and the US Data this week will be a big influence plus OPEC will be leaving things alone the FED is expected for a .25% hike which is bullish but we have had 3 bullish weeks and the confirmation of this bull run technically over is when Oil hits $74 where this all started, the market right now is waiting for solid confirmation on where the data is taking Oil. We'll see tonight.
The official NBS Manufacturing PMI was down to 47.0 in December 2022 from 48.0 in the previous month, pointing to the third straight month of drop, amid the rapid spread of COVID infections that hurt production following Beijing's abrupt relaxation of pandemic measures. The latest print also marked the steepest pace of contraction in factory activity since February 2020,
The lower chart is showing the last reading. China NBS Manufacturing PMI 