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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.
COMMODITIES
- Crude oil sees heavy declines building into the close, with front WTI crude futures briefly slipping over 5% on the day and narrowing the gap with December lows. Wider financial market concerns are weighing, with further details here.
- WTI is -5.1% at $70.99, through $72.30 (Mar 13 low) and close to the bear trigger at $70.86 (Dec 9 low). Sizeable options volumes again today with most active strikes for the CLJ3 at $70/bbl puts.
- Brent is -4.5% at $77.1, through support at $78.34 (Mar 13 low) and $77.76 (Jan 5 low), opening the bear trigger at $76.04 (Dec 12 low).
- Gold is -0.2% at $1909.47 after a mixed session that broadly consolidates a $90 surge since SVB’s situation first came to light on Thursday. It doesn’t test yesterday’s high of $1914.66 after which lies resistance at $1923.2 (76.4% retrace of Feb 2 – 28 sell-off), whilst support at $1871.6 (Mar 13 low) remains intact.
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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