Free Trial

Crude Supported By Keystone Delay

COMMODITIES
  • Crude oil has bounced today after last week’s double digit percentage decline, rising more than 2%. It is bolstered by TC Energy saying there is no timeline for the restart of the Keystone conduit plus some potential substitution effect from US nat gas prices surging on colder than usual weather.
  • China’s ambassador to the US Qin Gang saying he believes there will be further relaxation of Covid measures has seen relatively little boost for the space.
  • WTI is +3.0% at $73.18 in a reversal having earlier cleared the round number support at $71.00. Resistance remains some way off at $78.23 (20-day EMA) after sliding last week.
  • Brent is +2.5% at $77.98 having come close to testing support at $75.11 (Dec 8 low) and with resistance remaining some way off at $80.81 (Nov 28 low).
  • Gold is -1.0% at $1779.32, suffering with US yields and the USD climbing. Resistance remains at $1807.9 (Aug 10 high) having come very close to testing it on Friday, whilst support remains at the 20-day EMA of $1761.8.

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.