MNI BRIEF: Trade War To Increase Volatility Inflation -Panetta

MNI China Daily Summary: Friday, November 15

MNI BRIEF:China Optimistic On Property Despite Investment Fall

CORRECTED-MNI INTERVIEW: NBH To Hold Rates

MNI BRIEF: China Oct Retail Sales Surge On Holiday, Trade-ins

CHINA OCT INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.5% Y/Y: NBS

EZ/UK Bond Supply Calendar: EU Synd; SK, BE Auction on Monday

MNI: US SEP BUSINESS INVENTORIES +0.1%; SALES +0.3%

MNI: US OCT INDUSTRIAL PROD -0.3%; CAP UTIL 77.1%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

Crude Reverses Gains With FOMC Decision, Gold Relatively Resilient

COMMODITIES
  • Crude has reversed earlier gains to be trading lower on the day after after FOMC kept the door open for further rate rises and offered a hawkish dot plot with the 2024 rate projection pushed 50bps higher.
  • EIA data which showed larger than expected stock draw provides some upside. w/w change week ending Sep 15: Crude stocks -2,136 vs Exp -718, Crude production 0, SPR stocks +600
  • GS raised its forecast for Brent crude over a twelve-month period by $7/bbl to $100/bbl because of rising demand and supply restrictions by OPEC+, analysts including Daan Struyven and Callum Bruce said in a note.
  • Gazprom expect global oil demand to continue growing until at least 2030, Gazprom Neft CEO Alexander Dyukov told reporters.
  • Russia’s oil output is seen falling to 527m tons this year, down from 535m tons last year amid OPEC+ production cuts, Deputy Prime Minister Alexander Novak said.
  • WTI is -1.0% at $90.28, back near the day’s lows. The recent drive higher means that support isn’t seen until $86.53 (20-day EMA).
  • Brent is -1.1% at $93.34, with support next at $90.37 (20-day EMA).
  • Gold is +09.24% with earlier gains trimmed by a rebounding USD index following the FOMC decision. It earlier easily pushed through resistance at $1939.0 (Sep 5 high) for a high of $1947.36 which took a step nearer a key resistance at $1953.0 (Sep 1 high).
  • MNI COMMODITY WEEKLY: Bank Forecasts Mixed for $100/bbl Oil - https://enews.marketnews.com/ct/x/pjJscQCIl-0I6ahudxoiTg~k1zZ8KXr-kA8x6nHWpalptIPjO1OcQ

Energy BulletsCommoditiesFOMC Calendar Market NewsGoldman Sachs Market News
Energy BulletsCommoditiesFOMC Calendar Market NewsGoldman Sachs Market News

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.