Free Trial
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.
OIL
Brent crude prices are marginally higher at this stage, last near 87.80, around +0.40% for the session. This puts us on track for a modest 0.23% gain for the week, with Brent consolidating somewhat after strong gains in the previous two weeks. Bulls will also be looking for a concerted break through $88/bbl before turning more bullish. Also note the 100-day EMA, which comes in at $88.28/bbl sit just above this level.
- Brent has been unable to sustain breaks above this resistance point since early July last year, see the chart below.
- Elsewhere EU officials are reportedly considering a $100/bbl cap for Russian diesel exports, while the cap would be lower for other products like fuel oil. Goldman Sachs warned that the next round of oil sanctions on Russia could be more disruptive than the first round, citing global diesel inventory levels as being tight.
- Looking ahead, China markets return from the LNY break next week, with PMI prints for January out on Tuesday. OPEC+ meetings will also take place over Tuesday/Wednesday, although no change is expected from an output standpoint at this stage.
Fig 1: Brent Crude Close To 100-Day EMA Resistance Point
Source: MNI - Market News/Bloomberg
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok