MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Crude Markets Extend Recovery, Silver Surges Over 4%

COMMODITIES
Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Crude markets have found further support on Thursday, with Brent briefly passing the $80/b mark. Upside comes from a moderate fall in the dollar during the afternoon as US yields consolidate at the lowest levels of the week. Prices are also readjusting after a sharp fall following OPEC+’s output plan announced June 2.
  • Front month futures are still net down on the week after the bearish reaction to the OPEC+ plan to increase supply later this year. OPEC retains the flexibility to alter that plan depending on market developments.
  • OPEC+ will continue to manage the oil market, even with Saudi plans to boost exports in the coming years, the Kingdom’s energy minister Prince Abdulaziz bin Salman said at the St. Petersburg International Economic Forum, cited by Platts.
  • Initial resistance for WTI is at $76.15, the May 24 low and a recent breakout level.
  • Precious metals are rising and the 0.75% advance for gold has been surpassed by the impressive 4.3% jump for spot silver.
  • Gains have been supported by the lower US yields and for silver, upside momentum was exacerbated through the weekly highs around 30.80/88.
  • The medium-term trend structure for gold remains bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. However, tomorrow’s employment report, combined with CPI and the FOMC meeting are likely to be the key drivers of short-term sentiment.
228 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 have found further support on Thursday, with Brent briefly passing the $80/b mark. Upside comes from a moderate fall in the dollar during the afternoon as US yields consolidate at the lowest levels of the week. Prices are also readjusting after a sharp fall following OPEC+’s output plan announced June 2.
  • Front month futures are still net down on the week after the bearish reaction to the OPEC+ plan to increase supply later this year. OPEC retains the flexibility to alter that plan depending on market developments.
  • OPEC+ will continue to manage the oil market, even with Saudi plans to boost exports in the coming years, the Kingdom’s energy minister Prince Abdulaziz bin Salman said at the St. Petersburg International Economic Forum, cited by Platts.
  • Initial resistance for WTI is at $76.15, the May 24 low and a recent breakout level.
  • Precious metals are rising and the 0.75% advance for gold has been surpassed by the impressive 4.3% jump for spot silver.
  • Gains have been supported by the lower US yields and for silver, upside momentum was exacerbated through the weekly highs around 30.80/88.
  • The medium-term trend structure for gold remains bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. However, tomorrow’s employment report, combined with CPI and the FOMC meeting are likely to be the key drivers of short-term sentiment.