Free Trial

Gold Tests Support On Higher US Yields Whilst Oil Fades With Equities

COMMODITIES
  • Crude oil pulls back after three successive gains earlier in the week, coming a day after resilience to a further build in US inventories yesterday and today coinciding with equities slipping (SPX e-minis with -1.8% intraday slide for -0.8% on the day).
  • Exxon Mobil is creating a global trading division to bring together Exxon’s crude, natural gas, power and petroleum-product desk.
  • In gas space, Ukraine’s Naftogaz is proposing a new $835M restructuring plan to rescheduled payments of already-defaulted debt, whilst Germany and Oman are closing in on a 10-year LNG deal.
  • WTI is -0.9% at $77.73 off a low of $76.54 that remained comfortably above support at $74.34 (Feb 7 low).
  • Brent is -1.1% at $84.19 off a low of $83.05 but still comfortably above support at $81.19 (Feb 7 low).
  • Gold is -0.7% at $1862.03 off a low of $1859.94 that tested support at $1861.4 (Feb 3 low) after which sits the 50-day EMA of $1855.2.

To read the full story

Close

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.