© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: Investors Increasingly Eyeing Fiscal Policy -ECB VP

CANADA OCT FLASH RETAIL SALES +0.8%

MNI China Daily Summary: Friday, Nov 24

EZ/UK Bond Supply Calendar: EU-Bond Auct / BOE APF Op Monday

MNI: US NOV FLASH SERVICES PMI 50.8 (FCST 50.4); OCT 50.6

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Geopolitical Risks To Shipping Help Spur Oil Rally

COMMODITIES
Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Markets NewsEnergy BulletsBulletMarketsFixed Income NewsForeign Exchange News
  • Crude markets have lost some of their earlier gains but still see conitnued strong increases on the day to more than unwind last Thursday’s demand-led slide. Middle East tensions are still an upside risk to prices with shipping in focus after Iran-backed Houthi Rebels seized a Japanese chartered vessel in the Red Sea on Sunday according to Bloomberg. Iran denied its role in the seizure of the ship.
  • Most sell-side analysts forecast Saudi Arabia will extend its output cut into 2024, while some assume OPEC may deepen cuts due to the recent bearish trend in prices. Additional upside is provided from the renewed risk due to Middle East tensions.
  • Venezuela will not accept "ultimatums from anyone" according to Venezuela's National Assembly President Jorge Rodriguez after the US warned it will assess eased sanctions relief if fair election progress is not made.
  • WTI is +2.25% at $77.60 off a high of $78.20 that pushed closer to resistance at $78.91 (20-day EMA).
  • Brent is +2.0% at $82.24 off a high of $82.94 to move closer but not trouble a key short-term resistance at $83.97 (Nov 14 high).
  • Gold is -0.1% at $1978.38, retracing some of its earlier declines with the conitnued decline in the USD index. After last week’s strong gains, there is still some way until support at $1943.1 (50-day EMA) whilst resistance is seen at $20094. (Nov 7 high).
226 words

To read the full story

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.
  • Crude markets have lost some of their earlier gains but still see conitnued strong increases on the day to more than unwind last Thursday’s demand-led slide. Middle East tensions are still an upside risk to prices with shipping in focus after Iran-backed Houthi Rebels seized a Japanese chartered vessel in the Red Sea on Sunday according to Bloomberg. Iran denied its role in the seizure of the ship.
  • Most sell-side analysts forecast Saudi Arabia will extend its output cut into 2024, while some assume OPEC may deepen cuts due to the recent bearish trend in prices. Additional upside is provided from the renewed risk due to Middle East tensions.
  • Venezuela will not accept "ultimatums from anyone" according to Venezuela's National Assembly President Jorge Rodriguez after the US warned it will assess eased sanctions relief if fair election progress is not made.
  • WTI is +2.25% at $77.60 off a high of $78.20 that pushed closer to resistance at $78.91 (20-day EMA).
  • Brent is +2.0% at $82.24 off a high of $82.94 to move closer but not trouble a key short-term resistance at $83.97 (Nov 14 high).
  • Gold is -0.1% at $1978.38, retracing some of its earlier declines with the conitnued decline in the USD index. After last week’s strong gains, there is still some way until support at $1943.1 (50-day EMA) whilst resistance is seen at $20094. (Nov 7 high).