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Free AccessCrude Spikes Amid WSJ Reports Regarding OPEC Cuts
- Crude futures are nearing intraday highs as the US close approaches, with front-month WTI up 1.95% at typing. Prices spiked following headlines from the WSJ that OPEC is pondering production cuts of up to 1m b/d, pushing WTI towards its highest closing level since Nov. 14. OPEC+ is likely to rollover the existing output curbs but is considering additional production cuts up to 1m b/d, delegates told the WSJ Nov. 29.
- The trend outlook in WTI futures is unchanged and remains bearish, with moving average studies in a bear-mode position, highlighting a downtrend. However, as we approach the OPEC+ meeting, prices have narrowed the gap to key resistance, which remains unchanged at $79.65, the Nov 14 high.
- For Natural Gas, US Henry Hub has weakened on the day, despite some gains seen earlier in European hours, as strong domestic production and warmer weather put pressure on prices.
- Precious metals have consolidated the impressive move higher on Tuesday, moderately extending their rising trend. Spot gold stands 0.28% higher on the session, having briefly eclipsed the 2050 mark and closing in on the yearly highs.
- Unsurprisingly, the trend condition in gold remains bullish and this week’s strong rally reinforces this set-up. The clear break of resistance at $2009.4, the Nov 7 high, has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high is at $2070.4 (Mar 8 ‘22).
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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.