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Free AccessCrude Finds Late Support, Spot Gold Edges Lower
- Crude had struggled for direction during the day, but has found some support near the US close. A weaker US dollar amid a more dovish May FOMC outcome, is likely adding some support. The Bloomberg dollar spot index is down to its lowest since April 12.
- WTI Jun 24 is down 0.1% at $78.9/bbl.
- Wires reporting that Hamas have agreed with Qatar to continue talks on a truce in Gaza.
- For WTI futures, support at the 50-day EMA, at $81.14, has been breached, opening $76.07, the Mar 11 low. Key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
- Meanwhile, Henry Hub has jumped today amid a smaller than expected injection into US natural gas storage and a continued recovery in US LNG feedgas flows.
- US Natgas Jun 24 is up by 5.4% at $2.04/mmbtu.
- Spot gold is down by 0.5% on Thursday to $2,307/oz, leaving the yellow metal 5% below its mid-April high.
- During the session, gold again breached initial support at $2291.6, the Apr 23 low. A continuation lower would signal scope for an extension towards $2245.2, the 50-day EMA.
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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.