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Free AccessOil Mixed Whilst European Gas Touches Three-Month Low
- 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.
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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.