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European Gas Prices Buoyed By Lukashenko Threats

COMMODITIES
  • Oil futures are under pressure in early Thursday trade, with WTI and Brent off 0.5 to 0.75% ahead of the NY crossover. Post-CPI losses for energy have continued, with a firming greenback adding additional pressure.
  • More notable activity was present in European energy markets, with prices supported by threats from Belarus' Lukashenko, who warned that gas supply pipelines linking Russia to Europe could be shuttered in response to Europe's warnings that borders into the European Union could be closed to migrants.
  • Contrasting with US energy markets, precious metals are advancing as gold's status as an inflation hedge comes back into view following yesterday's multi-decade high in CPI.
  • The move higher resulted in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further upside. Note too that the yellow metal has also breached $1863.3, 76.4% of the Jun -Aug sell-off. The focus is on $1877.7 next, Jun 14 high.
Energy BulletsCommodities
Energy BulletsCommodities

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