MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: US OCT CONSTRUCT SPENDING +0.4%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Goldman Bullish But Crude Oil Fades On Demand Concerns

COMMODITIES
  • Crude oil fades through a light US session with MLK Day on ongoing concern for global oil demand.
  • Goldman’s Currie however says “you cannot come up with a more bullish concoction for commodities” and that global oil use may rise by 2mbpd this year if international travel resumes. It follows last week making the case for $105/bbl Brent by 4Q23.
  • WTI is -1.3% at $78.85, pulling back from an intraday high of $80.22 that sets initial resistance after which sits the bull trigger at $85.59 (Jan 3 high). The latest declines in WTI and Brent don’t yet trouble support levels.
  • Brent is -1.3% at $84.18, pulling back from an intraday high of $85.59 that sets initial resistance after which sits the key $87.00 (Jan 3 high).
  • Gold is -0.2% at $1915.57, pulling back from an earlier high of $1929.03 that moves closer to testing resistance at $1934.4 (Apr 25, 2022 high).
  • Buoyed by the GS commodity outlook, aluminium has touched a seven-month high with a 1.8% rise to $2595 with Goldman targeting an average $3125/ton this year.
Energy BulletsCommodities
Energy BulletsCommodities

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.