MNI BRIEF: Inflation Risks Now Shifted To Downside-BOE Ramsden

MNI: Goolsbee Says Stalled Inflation Means Wait Before Moving

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Benchmarks Resume Rally, Gold Rejects $1,800 Level

COMMODITIES
  • Markets are maintaining a degree of optimism surrounding the expected resumption of economic activity in the U.S. and around Europe. These hopes are by far outweighing the lingering anxieties posed to the demand outlook in places such as India and Brazil.
  • WTI and Brent Crude futures gained around 1.5% on Tuesday. The breach of last week's resistance in WTI at $64.38 strengthens a short-term bullish case and negates any prior bearish signals. Attention is now on $66.15, March 15 high ahead of the key hurdle for bulls at $67.29.
  • Notably, gasoline gains outpaced crude. There are already signs in several countries that drivers are getting back in their cars with retail gasoline prices in the U.S. at the highest since October 2018.
  • Spot gold rose to the best levels since February 25th at $1,799.12 before a quick spike in the US dollar sapped any momentum and capped gains for the yellow metal. Additionally, the $1,800 an ounce level provided some psychological resistance that may have fuelled short term profit taking. As of writing spot prices trade 0.85% lower on the session at $1,777.75.
  • Palladium futures touched their highest levels on record Tuesday, above $3,000 an ounce, as positive U.S. vehicles sales data along with recovery hopes bode well for the metal used in catalytic converters, which reduce emissions from gasoline-powered engines.
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.