MNI: Canada Apr-Sept Budget Deficit Widens On Spending

CANADA'S TRUDEAU: I CONTINUE TO HAVE GOOD TALKS WITH TRUMP

MNI BRIEF: Little Macro Difference On Rate Oprions- de Guindos

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

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

CANADA Q3 GDP ANNUALIZED +1.0% AS EXPECTED ON GOVT, CONSUMERS

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Oil Extends Strength, Curve Steepens Further

COMMODITIES
  • WTI and Brent crude futures traded higher still Monday, with WTI striking a new cycle high and showing above the $82/bbl mark for the first time since late 2014. Further strength came as markets continue to position for tight supplies across winter, with increasing evidence that oil is benefiting as a substitute for very expensive natural gas.
  • The curve steepened further, with the most notable price rises on Monday in the front- and second-month futures contracts. Upside targets are bumped higher to the 1.746 projection of the Aug 23 - Sep 2 - Sep 9 price swing at $82.89/bbl.
  • There are increasing signs of official involvement in energy prices, with the UK's Business Minister Kwarteng submitting a formal bid for assistance for industries hit by high prices. Similarly, a White House official said they stand by calls to OPEC+ to do more in order to support the global economic recovery, adding that they have communicated this to several OPEC+ members at a senior level.
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.