Free Trial
USDCAD TECHS

Cements Short-Term Reversal

US EURODLR OPTIONS

BLOCK, Late put Fly

AUDUSD TECHS

Extends Break of the 50-Day EMA

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

A Touch Lower To Start The Week

OIL

WTI & Brent crude futures have started the week on the backfoot, sitting ~$1.00 below their respective settlement levels at typing.

  • A combination of a firmer USD and worries re: the COVID situation in China, after Beijing introduced stricter mobility restrictions (while the situation in Shanghai has improved), has weighed on crude prices.
  • Elsewhere, Sunday saw Libya’s National Oil Corporation announce the “temporary” lifting of force majeure and resumption of operations at the Zueitina oil terminal to drawdown stock and free up storage space. This came after the NOC warned of “imminent environmental disaster” at the facility unless tanks were emptied. This could be providing an incremental amount of pressure to crude futures.
  • Finally, a BBG source report re: the EU looking for an embargo of Russian oil by year end has failed to impact the space, with the NYT running a similar story on Friday and after Hungary expressed its willingness to veto such a move on the EU stage.
161 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

WTI & Brent crude futures have started the week on the backfoot, sitting ~$1.00 below their respective settlement levels at typing.

  • A combination of a firmer USD and worries re: the COVID situation in China, after Beijing introduced stricter mobility restrictions (while the situation in Shanghai has improved), has weighed on crude prices.
  • Elsewhere, Sunday saw Libya’s National Oil Corporation announce the “temporary” lifting of force majeure and resumption of operations at the Zueitina oil terminal to drawdown stock and free up storage space. This came after the NOC warned of “imminent environmental disaster” at the facility unless tanks were emptied. This could be providing an incremental amount of pressure to crude futures.
  • Finally, a BBG source report re: the EU looking for an embargo of Russian oil by year end has failed to impact the space, with the NYT running a similar story on Friday and after Hungary expressed its willingness to veto such a move on the EU stage.