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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 has fallen throughout US hours but remains within Friday’s range. High non-OPEC supplies and the difficulty for OPEC+ to adhere to its pledges is likely providing some downside after the group’s output cut extension. Warmer weather is also softening oil heating demand.
- UKMTO has received a report of an incident 91nm southeast of Aden, Yemen. A spokesperson for the Houthis said that they targeted the container ship MSC Sky II.
- Several OPEC+ countries have announced to extend the additional voluntary output cuts of 2.2mbpd from the end of March to the end of June, according to an OPEC press release.
- WTI is -1.5% at $78.76. Support is seen at $76.06 (50-day EMA) after which lies $71.49 (Feb 5 low).
- Brent is -0.9% at $82.81. Support is seen at $80.52 (50-day EMA) which which lies a key short-term $76.41 (Feb 5 low).
- Gold is +1.6% at $2116.18, continuing to surge higher after punching through the latest resistance at the round $2100. The all-time high is $2135.4 (Dec 4 high).
- Bloomberg quote TD on the yellow metal: “We still think it could go higher as well,” said Ryan McKay, senior commodity strategist at TD Securities. That’s because some discretionary macro traders are underinvested in the metal “relative to historical norms heading into a Fed cutting cycle.”
Spot goldSource: 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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