Free Trial

Oil Markets Edge Higher Still on Crunch Concerns

COMMODITIES
  • Concerns over a supply crunch in winter remains the focus for energy markets, with a spokesperson for the German economy ministry today saying Germany's gas reserves have dropped to 70% of capacity from 75% previously - underlining the pressures that many European countries could face in the coming months.
  • The Russian energy minister Novak stated that the country was ready to meet the requirements of increased supply, but no European Union nation has been forthcoming with any request for extra gas.
  • Oil markets are positive early Monday, with WTI crude futures hitting another cycle high at $83.73/bbl. The move to fresh highs maintains the bullish price sequence of higher highs and higher lows, reinforcing the uptrend. Note that the $80.00 psychological hurdle has also been cleared. The focus is on $84.97 next, a Fibonacci projection.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.