FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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

Oil Bid By Supply Side Limitations, Gold By A Sliding USD

COMMODITIES
  • Crude oil prices have been boosted today by falling US crude inventories in an already tight market and doubts over OPEC+’s ability to meet its agreement to accelerate the pace of the supply increases for output to increase by 648kbpd in July and August. Only Saudi Arabia and UAE aren’t already pumping at capacity.
  • WTI is +1.5% at 117.00 and back near yesterday’s highs. Resistance remains $119.98 (May 31 high) having stopped just short of round number resistance at $120.
  • Supply issues are seen lasting, with increases not just confined to front contracts, whilst the rising prices have been met by the most active strikes in CLN2 being $125/bbl and then $130/bbl calls.
  • Brent is +1.2% at $117.68. Resistance remains $120.80 (May 31 high) whilst support is $112.80 from the earlier intraday low.
  • Gold is up strongly, +1.25% at $1869.73 as the US dollar slides and testing initial resistance at $1869.7 (May 24 high) after which it opens the 50-day EMA of $1877. Gains are however still considered corrective with the primary direction seen lower.
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.