© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
EGB OPTIONS

Bobl options

OIL PRODUCTS

Russian Gasoil Trend Developing to Fujairah

MNI EXCLUSIVE

Interview W Ex-BOJ Chief Economist On Japan Outlook

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

Oil Firms With Supply Constraints Whilst Gold Dips

COMMODITIES
Metals bulletEM BulletFixed IncomeCommoditiesEnergy BulletsBulletMarketsEmerging MarketsForeign Exchange
  • Crude oil prices have increased more than +1.5% today coming ahead of the G7's expected new package of sanctions against Russia including a price cap and OPEC+ trimming its 2022 market surplus forecast from 1.4mbpd to 1.0mbpd.
  • CFTC data released late Fri showed a reduction in US oil net longs to the lowest since Apr’20 but a rise for European oil markets, with Brent net longs up 10.5k to 239k on continue supply risks. Separately, hardware issues have further prevented the release of EIA’s petroleum status report.
  • WTI is +1.7% at $109.49 as it moves closer to initial resistance at the 20-day EMA of $110.87, clearance of which could open $116.58 (Jun 17 high).
  • Brent is +1.6% at $114.90 as it moves closer to initial resistance at $116.25 (Jun 21 high), clearance of which could open $121.25 (Jun 17 high).
  • ICE futures data for Brent showed a trimming of net longs across futures and options by 30k to 209k.
  • Gold is -0.1% at $1824.27, having first firmed on G7 sanctions announcing a ban on new imports from Russia before fading with questions over how effective it might be. Support at $1805.2 (Jun 14 low) continues to appear exposed, clearance of which could open a bear trigger at $1787 (May 16 low).
209 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • Crude oil prices have increased more than +1.5% today coming ahead of the G7's expected new package of sanctions against Russia including a price cap and OPEC+ trimming its 2022 market surplus forecast from 1.4mbpd to 1.0mbpd.
  • CFTC data released late Fri showed a reduction in US oil net longs to the lowest since Apr’20 but a rise for European oil markets, with Brent net longs up 10.5k to 239k on continue supply risks. Separately, hardware issues have further prevented the release of EIA’s petroleum status report.
  • WTI is +1.7% at $109.49 as it moves closer to initial resistance at the 20-day EMA of $110.87, clearance of which could open $116.58 (Jun 17 high).
  • Brent is +1.6% at $114.90 as it moves closer to initial resistance at $116.25 (Jun 21 high), clearance of which could open $121.25 (Jun 17 high).
  • ICE futures data for Brent showed a trimming of net longs across futures and options by 30k to 209k.
  • Gold is -0.1% at $1824.27, having first firmed on G7 sanctions announcing a ban on new imports from Russia before fading with questions over how effective it might be. Support at $1805.2 (Jun 14 low) continues to appear exposed, clearance of which could open a bear trigger at $1787 (May 16 low).