MNI: PBOC Net Injects CNY25.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1897 Thurs; -2.25% Y/Y

MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI BRIEF: CBRT Lowers 1W Repo Rate From 50% To 47.5%

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI: JAPAN NOV SERVICES PPI +3.0% Y/Y; OCT UNREV +2.9%

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

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: Risk Off Sentiment Prompts Sharp Pullback for Gold, Oil Spikes

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • General risk off sentiment on Thursday, emphasised by the sharp weakness for major equity benchmarks, has prompted a solid pullback for gold. The spot price has declined 1.5%, unwinding an overbought condition for the yellow metal.
  • Overall, the trend condition in Gold is unchanged and bulls remain in the driver’s seat. The latest climb has resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows.
  • For oil prices, WTI had been heading into the close holding most of its gains on the day, building on the upward momentum following talks of an OPEC+ cut unwinding delay and a drop in U.S. crude inventories. A Reuters sources led story on Wednesday said that OPEC+ was considering delaying returning voluntary cuts back to the market by a month or more referring to the planned December unwinding.
  • However, late headlines from Axios reporting that Iran is preparing for a major retaliatory strike on Israel “within days” via a strike from Iraq, citing Israeli intel sources, drove a geopolitical risk premium back into oil on Thursday. WTI futures are currently up 2.75% as we approach the APAC crossover.
  • For Natural gas, Henry Hub extended losses today after an above-average weekly injection into US natural gas storage, according to the latest weekly EIA data.
223 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.
  • General risk off sentiment on Thursday, emphasised by the sharp weakness for major equity benchmarks, has prompted a solid pullback for gold. The spot price has declined 1.5%, unwinding an overbought condition for the yellow metal.
  • Overall, the trend condition in Gold is unchanged and bulls remain in the driver’s seat. The latest climb has resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows.
  • For oil prices, WTI had been heading into the close holding most of its gains on the day, building on the upward momentum following talks of an OPEC+ cut unwinding delay and a drop in U.S. crude inventories. A Reuters sources led story on Wednesday said that OPEC+ was considering delaying returning voluntary cuts back to the market by a month or more referring to the planned December unwinding.
  • However, late headlines from Axios reporting that Iran is preparing for a major retaliatory strike on Israel “within days” via a strike from Iraq, citing Israeli intel sources, drove a geopolitical risk premium back into oil on Thursday. WTI futures are currently up 2.75% as we approach the APAC crossover.
  • For Natural gas, Henry Hub extended losses today after an above-average weekly injection into US natural gas storage, according to the latest weekly EIA data.