Free Trial

Oil, Gold and Gas Surge On Continued Russian Escalation

COMMODITIES
  • Crude oil has surged 8% today on continued escalation of the Russian invasion and growing supply concerns, with the Brent-WTI spread narrowing further as traders seek out alternatives and gains heavily front-loaded in shorter-dated contracts.
  • WTI is +9.2% at $104.4, off an earlier high of $106.78 which has seen four resistance levels blown out through the course of the day, the highest being $105.25 (Jul 22, 2014 high, cont).
  • The most active calls in the Apr22 contract have been $110/bbl but there has even been decent volumes up at $120/bbl. The most active puts have been at $90/bbl.
  • Brent is +7.9% at $105.7, also down from earlier highs of $107.44 (Aug 8, 2014 high, cont).
  • Gold once again gains strongly on its safe haven and inflation hedging properties, up +1.7% at $1940.5 as it currently tests the bull channel top of $1940.9 drawn from the Aug 9 2021 low. A clear break here would open $1974.3 (Feb 24, initial Russian invasion high).
  • European natural gas prices surged again, up 22-23% and with ytd increases closing in on 70%.

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.