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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.
COMMODITIES
- Crude oil has slumped further today through the US session, with WTI falling below $90/bbl for the first time since the Ukraine war began in February. The move is attributed to growing recession fears, further building on the surprise build in US crude and gasoline stockpiles yesterday and then gathering pace once pushing through the psychological $90/bbl.
- WTI is -2.3% at $88.60 but in touching a session low of $87.55, it briefly cleared the bear trigger at $88.23 (Jul 14 low), a more sustained clearance of which could open $85.37 (Mar 15 low).
- Brent is -2.6% at $94.25, clearing support at $94.37 (Jul 15 low) but not the bear trigger at $91.22 (Jul 14 low).
- Gold on the other hand surges +1.6% to $1793.91 on geopolitical risk plus Tsy yields and the US dollar falling. It clears resistance at the 50-day EMA of $1783.1 and next eyes $1804.6 (trendline resistance drawn from Mar 8 high).
WTI 1st future (white) and gold (yellow)Source: Bloomberg
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.
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