MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COMMODITIES: Crude Trades Higher, Spot Gold Eases From Record Levels

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Crude markets are closing today trading higher. Support from near term supply disruptions in Libya and Kazakhstan is outweighing concerns over global demand for oil, especially from China.
  • WTI Oct 24 is up by 1.7% at $71.3/bbl.
  • WTI futures have pierced initial firm resistance at $70.99, the 20-day EMA. Next resistance is at $73.61, the 50-day EMA.
  • The bearish oil positioning of commodity trading advisers is near maximum levels so could ease some recent selling pressure for now, according to Energy Aspects Quant Analytics.
  • Goldman Sachs analysts see Brent recovering to $77/bbl in 4Q in its base case.
  • Henry Hub has lost ground today, with the slow recovery in Gulf of Mexico production outweighed by limited demand due to a warmer weather forecast.
  • US Natgas Oct 24 is down 2.3% at $2.32/mmbtu.
  • Meanwhile, spot gold has fallen by 0.5% to $2,570/oz on Tuesday, following stronger-than-expected US IP and firm US retail sales data earlier.
  • A bullish structure in gold remains intact, with focus on $2600.0 next. Firm support lies at $2,520.7, the 20-day EMA.
166 words

To read the full story

Close

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.
  • Crude markets are closing today trading higher. Support from near term supply disruptions in Libya and Kazakhstan is outweighing concerns over global demand for oil, especially from China.
  • WTI Oct 24 is up by 1.7% at $71.3/bbl.
  • WTI futures have pierced initial firm resistance at $70.99, the 20-day EMA. Next resistance is at $73.61, the 50-day EMA.
  • The bearish oil positioning of commodity trading advisers is near maximum levels so could ease some recent selling pressure for now, according to Energy Aspects Quant Analytics.
  • Goldman Sachs analysts see Brent recovering to $77/bbl in 4Q in its base case.
  • Henry Hub has lost ground today, with the slow recovery in Gulf of Mexico production outweighed by limited demand due to a warmer weather forecast.
  • US Natgas Oct 24 is down 2.3% at $2.32/mmbtu.
  • Meanwhile, spot gold has fallen by 0.5% to $2,570/oz on Tuesday, following stronger-than-expected US IP and firm US retail sales data earlier.
  • A bullish structure in gold remains intact, with focus on $2600.0 next. Firm support lies at $2,520.7, the 20-day EMA.