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Free AccessCrude Range Trading Following Fed Comments Point To More Hikes
Commodity prices are generally stronger during APAC trading today but oil is down slightly after rallying on Wednesday following hawkish Fed comments. Oil prices continue to trade in a very narrow range with Brent currently at $85.05/bbl after a high of $85.27 and a low of $84.81. WTI is trading around $78.40 with a high of $78.62 following the $78.27 low. The USD is down slightly.
- WTI is still below its 100-day simple MA, while Brent has exceeded it. On Wednesday both WTI and Brent cleared the 50-day EMAs which has opened up $80.49 and $86.21 respectively.
- Optimism around demand from China drove the market yesterday, as Bloomberg reported that its largest refineries should reach peak levels in Q1 this year. Also oil shipments from Turkey remain disrupted following Monday’s tragic earthquake.
- The 2.423mn build in US crude stocks reported by the EIA on Wednesday didn’t dent the market’s optimism. This is the highest since July 2021. There was also a 5.01mn build in gasoline inventories.
- Later today there is little in the US with no Fed officials scheduled to speak and only jobless claims on the data calendar. The Riksbank is expected to hike 50bp and German preliminary January CPI is out.
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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.