Free Trial
USDCAD TECHS

Trend Outlook Is Bullish

US TSYS

Fed "Vigorously" Using it's Tools

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

Oil Mixed Whilst European Gas Touches Three-Month Low

COMMODITIES
  • A mixed session for crude oil, steadily firming overnight, sliding in the US morning before a partial bounce on German hopes that the EU Russian oil embargo can be agreed within days, although countered by Hungary signalling talks may go into June.
  • Larger price rises are seen further out the forwards curve, presumably on the assumption of incoming tighter supply.
  • WTI is unch at $110.31. It hasn’t troubled resistance at $113.20 (May 17 high) or support at $103.24 (May 19 low).
  • Brent is +0.6% at $113.27. It hasn’t troubled resistance at $115.69 (May 17 high) or support at $105.70 (May 13 low).
  • Gold is +0.5% at $1856.44 as it’s buoyed by a further slide in the US dollar. Touching an intraday high of $1856.15, it moved nearer to resistance at the 50-day EMA whilst support remains far below at $1807.5 (May 18 low).
  • Separately, European natural gas prices fell to a three-month (pre-Ukraine war) low as storage recovered, with the Dutch front-month contract settling -5.3% on the day.
167 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.
  • A mixed session for crude oil, steadily firming overnight, sliding in the US morning before a partial bounce on German hopes that the EU Russian oil embargo can be agreed within days, although countered by Hungary signalling talks may go into June.
  • Larger price rises are seen further out the forwards curve, presumably on the assumption of incoming tighter supply.
  • WTI is unch at $110.31. It hasn’t troubled resistance at $113.20 (May 17 high) or support at $103.24 (May 19 low).
  • Brent is +0.6% at $113.27. It hasn’t troubled resistance at $115.69 (May 17 high) or support at $105.70 (May 13 low).
  • Gold is +0.5% at $1856.44 as it’s buoyed by a further slide in the US dollar. Touching an intraday high of $1856.15, it moved nearer to resistance at the 50-day EMA whilst support remains far below at $1807.5 (May 18 low).
  • Separately, European natural gas prices fell to a three-month (pre-Ukraine war) low as storage recovered, with the Dutch front-month contract settling -5.3% on the day.