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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
- After another volatile day with various Russia-Ukraine headlines including a car explosion in Donetsk, crude oil prices are on track to end the week down between -1 and -2% as the prospect of increased production from Iran weighs on prices.
- A further increase in US rig counts in response to high prices sees WTI underperform Brent on the day.
- WTI is -0.8% at $91.06, with dips still seen as corrective whilst it sits above the key short-term support of $88.41 (Feb 9 low). Resistance is $95.82 (Feb 14 high).
- Brent is +0.5% at $93.45, with some near-term congestion in prices but ultimately still a positive longer-term outlook. It sits above key short-term support at $89.93 (Feb 8 low) with resistance seen at $96.78 (Feb 14 high).
- Gold has largely consolidated yesterday’s surge, only dipping -0.15% to $1,895.4. It touched $1902.5 overnight, just shy of the $1903.1 high from Jun 11, 2021, after which it would open the medium-term upside target at $1916.6 (Jun 1, 2021 high). Gold for delivery in April settled 3.1% higher over the week, the largest increase in 9 months.
Gold priceSource: 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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