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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 a seventh day of gains although despite that a survey of shale drillers in the US say prices remain too low to output materially with WTI at $89/bbl needed to boost output by “a lot” (although just $64/bbl to be profitable). WTI is up 8% on the week to nearly draw level ytd.
- Earlier, Exxon announced it’s preparing to start up its $1.2B Texas refinery expansion, beginning the 250bpd expansion by Jan 31.
- WTI is +1.6% at $79.67, next eyeing the bull trigger at $81.50 (Jan 3 high).
- Brent is +1.2% at $85.04, next eyeing key resistance at $87.00 (Jan 3 high).
- Gold is +1.2% at $1920.5, perhaps helped by technical developments with relatively limited further USD index depreciation and Treasury yields rebounding. Instead, a golden cross with the 50-dayMA exceeding the 200-day MA for the first time since Feb’22 appears to have driven trade. Two resistance levels cleared today, next lies $1934.4 (Apr 25, 2022 high).
- Weekly moves: WTI +8%, Brent +8.3%, Gold +2.9%, US nat gas -7.8%, EU TTF -6.8%
WTI 1st future (white) and gold (yellow)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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