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Market Looks Through Lukashenko Threats

COMMODITIES
  • European gas prices saw some support halfway through the trading session as Belarus' Lukashenko threatened to shutter one of the key pipelines running gas from Russia into Europe. Lukashenko's threat came amid continued unrest along the Polish border as contested migrant flow raises tensions between the European Union and Belarus. Much of the effect faded into the close as Belarusian opposition politicians flagged how unlikely it is that the threat would be carried out.
  • Contrasting with US energy markets, precious metals are advancing as gold's status as an inflation hedge comes back into view following yesterday's multi-decade high in CPI.
  • The move higher resulted in a clear break of resistance at $1834.0, Sep 3 high.
  • The breach of this hurdle reinforces current bullish conditions and paves the way for further upside. Note too that the yellow metal has also breached $1863.3, 76.4% of the Jun -Aug sell-off. The focus is on $1877.7 next, Jun 14 high.
Energy BulletsCommodities
Energy BulletsCommodities

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