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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 oil prices have seen large swings on changing geopolitical headlines, but supply concerns dominate once again with ~7+% gains in crude oil prices heavily concentrated towards front-dated contracts.
- In line with expectations, the Russian Mission in Vienna has confirmed that OPEC+ has agreed to maintain the modest production increase of 400kbpd next month despite pressure from the US to increase supply.
- WTI is +7.1% at $110.8, having earlier cleared a further three resistance levels with the highest being $110.84 (2.5 proj of the Aug – Oct – Dec’21 price swing).
- The most active strikes in the Apr’22 contract have been $120/bbl calls.
- Brent is +7.8% at $113.2, through the second resistance level of $112.45 (2.382 proj of the same price swing).
- Gold meanwhile is -1% at $1925.4, hindered by a sizeable recovery in rate hike expectations that were further boosted as Powell largely indicated policy continuation. It continues to sit well above the key short-term support of $1878.4 (Feb 24 low) needed to break to suggest a deeper pullback within the bull channel.
WTI 1st Future and Gold PriceSource: 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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