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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.
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COMMODITIES: Crude Futures Extend Losses Amid Unexpected Inventory Build
- Crude markets are headed for another losing session as we approach the US close with additional pressure emanating from an unexpected build in US crude inventories according to the EIA weekly data.
- Front-month WTI is down 1.6% at 77.12$/bbl and the contract has erased the entirety of the initial advance this week. On the downside, support doesn’t come in until $74.60, the Aug 8 low and key support at $71.67, the Aug 5 low.
- For Natural Gas, Henry Hub is ending the day trading higher, although has moderated its gains and reverted to the previous three-day range. Slightly lower production levels, strong export flows to Mexico, and warmer weather have all been supportive.
- In precious metals, spot gold was unable to make a fresh all-time high, having respected the July peak around $2,483 so far. Clearance of this hurdle would resume the technical uptrend.
- The yellow metal sits 0.85% lower on the session as further clues on upcoming Fed policy and the health of the US economy are awaited. Spot silver sits 1.5% lower on the session.
To read the full story
Sign up now for free trial access to this content.
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.