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Further Global Lawmakers Take Action on Energy Ahead of the Winter

COMMODITIES
  • The Dec-21 WTI future printed a new cycle high in Asia-Pac trade at $83.96/bbl, with strength stalling just ahead of the psychological $84/bbl handle. Both WTI and Brent crude futures have rolled off the overnight highs as the greenback reclaims some lost ground and recovers off the overnight lows.
  • Weekly EIA NatGas storage change data came in ahead of expectations, with a build of 92BCF vs. Exp. 88BCF.
  • Further signs of concern among global policymakers over high energy prices emerged from Paris, with the French PM Castex to appear on television this evening to announce measures to tackle rising domestic energy prices. Similarly, the Texas PUC voted on Thursday to adopt a winterization mandate - a measure that requires local power plants to prepare for cold weather.
  • Gold traded toward the upper-end of the week's range, but still stopped shy of the 200- and 100-dmas of 1793.7/1. Attention though is on Friday's sharp sell-off that continues to highlight a potential bearish threat. Key short-term resistance has been defined at $1800.6, the Oct 14 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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