CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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: WTI Crude Futures Recover, NatGas Sinks Following Storage Build

COMMODITIES
  • WTI has reversed the losses from yesterday to be back around the Aug. 20 close. Falling US inventories and growing talk of a delay to OPEC cut unwinding weigh against US and Chinese economic weakness. WTI OCT 24 is up 1.7% at 73.18$/bbl as we approach the close.
  • Henry Hub is headed for the lowest close since Aug. 7, after a slightly above-expectation build in US natural gas storage levels. US Natgas SEP 24 is down 5.8% at 2.05$/mmbtu.
  • The firmer dollar, amid rising US yields, has weighed on the yellow metal Thursday. Spot gold trades down 1.15% and is notably back below $2,500/oz. Similar to a lot of major G10 currencies, this has done little to alter the technical backdrop, which continues to look bleak for the greenback as we approach comments on Friday from Fed Chair Jerome Powell.
  • Gold remains in a bull-mode condition and this week’s fresh cycle high reinforces current conditions. The recent breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies remain in a bull-mode set-up and this continues to highlight a dominant uptrend.
  • Similar price action across industrials saw 1.2% declines for the likes of copper and iron ore, with the latter remaining at depressed levels following the sharp declines across July/August.
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News

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.