MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

MNI BRIEF: China State Planner To Increase Trade-in Support

MNI China Daily Summary: Thursday, July 25

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Crude Surges on Iran Strike Threat

COMMODITIES
  • Oil has reversed its losses to surge after Bloomberg reported that an Iranian missile attack on Israel is imminent. This would widen the ongoing conflict in the Middle East.
  • According to Bloomberg, the US and its allies believe that "major missile or drone strikes by Iran or its proxies against military and government targets in Israel are imminent," in retaliation for an Israeli airstrike on an Iranian diplomatic compound in Damascus on April 1.
  • WTI May 24 is currently up 1.1% at $86.2/bbl.
  • A bull theme in WTI futures remains intact and the next objective is $89.08, a Fibonacci projection. If cleared, this would pave the way for a climb towards the $90.00 handle further out. On the downside, initial firm support to watch lies at $83.03, the 20-day EMA.
  • Henry Hub is ending the day trading higher, although it has tapered most of its initial gains. Lower production and higher LNG feedgas flows are being offset by milder weather and higher CPI data which could restrain future US demand growth.
  • US Natgas May 24 is up 0.7% at $1.89/mmbtu.
  • Meanwhile, spot gold is down 0.7% on Wednesday at $2,336/oz, despite a brief spike on the Iranian missile threat headlines.
  • The trend condition in gold remains bullish and the next objective is $2376.5, a Fibonacci projection. Initial firm support is at $2234.8, the 20-day EMA.
EM BulletHomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging 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.