CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Higher Yields Slash Latest Supply-Driven Oil Rise, Gold Consolidates Push Higher

COMMODITIES
  • Crude oil is closing the week on a soft note with an almost -2% decline but still holding 2%+ higher on the week from gains earlier in the week with a theme being tighter supply.
  • Front month Brent crude pulled back to a low of $79.64/bbl after a notably stronger than expected US consumer survey sparked higher Treasury yields. Crude had earlier been consolidating yesterday’s supply disruptions in Libya and Nigeria supporting prices.
  • A total of 530kbbls of open August 23 options positions on CME and ICE are due to expire against the July future close on Monday. Current aggregate open interest is 279k calls and 251k puts. The open interest across all WTI options on both exchanges is currently 1.69m calls and 1.13m puts. Most of the significant options positions around the current market prices are on the calls side with the biggest strikes of interest just below the current price at 76$/bbl and 75$/bbl.
  • WTI is -1.7% at $75.56 off a low of $75.11. Support is seen at $72.31 (20-day EMA) and resisatance at $78.03 (76.4% retrace of Apr12-May4 bear leg).
  • Brent is -1.7% at $80.04 off the aforementioned low of $79.64. Support is seen at $76.98 (20-day EMA), resistance at $82.06 (76.4% retrace of Apr12-May4 bear leg).
  • Gold is near unchanged at $1960.15 on a milder day for the USD having surged earlier in the week on the USD weakness after the soft CPI report. It continues to sit close to resistance at $1968.0 (Jun 16 higher) after which sits a key $1985.3 (May 24 high).
  • Shown below, EU nat gas has had a torrid week and falls to the lowest since Jun 7 amid recovering supplies from Norway, healthy storage levels and a sluggish recovery in European industrial gas demand.
  • Weekly moves: WTI +2.2%, Brent +1.9%, Gold +1.8%, US nat gas -2%, EU nat gas -22.5%
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.