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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
Crude continues to edge higher after recovering from losses earlier this morning towards first technical resistance level amid thin trading due to the US holiday.
- Ongoing Middle Eastern tensions and further Red Sea vessel attacks in recent days are outweighing concern for the pace of global demand growth with US rates potentially higher for longer and with ongoing China growth uncertainty.
- Crude time spreads are also testing the high levels seen on Feb 16 after strong gains last week. Uncertainty over OPEC+ output cut commitment is helping limit upside although Iraq and Kazakhstan have stated plans to compensate for any excess oil output.
- Technicals show the next Brent resistance at the Feb 14 high of 83.60$/bbl and first support at the 50 day EMA at 79.88$/bbl.
- Brent APR 24 up 0.1% at 83.57$/bbl
- WTI APR 24 up 0.1% at 78.53$/bbl
- WTI-Brent up 0.01$/bbl at -5.04$/bbl
- Brent APR 24-MAY 24 up 0.07$/bbl at 0.8$/bbl
- Brent JUN 24-DEC 24 unchanged at 3.17$/bbl
- WTI APR 24-MAY 24 up 0.02$/bbl at 0.5$/bbl
- WTI JUN 24-DEC 24 down -0.02$/bbl at 3.27$/bbl
Source: 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.
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