Free Trial

Oil Prices Firm On Supply And Demand Pincer

COMMODITIES
  • Oil prices are up strongly today as a major Black Sea terminal faces weeks of disruption after storm damage and US crude inventories dropped. More recently, there has been a further boost on the headline that the Iran deal is “neither imminent nor certain”.
  • WTI is +5.2% at $114.97, through first resistance at $113.35 and next opening $118.34 (76.4% retracement of the Mar 7-15 downleg).
  • The most active strikes in the May22 contract have been $130/bbl calls.
  • Brent is +5.5% at $121.86, also above first support from Mar 22 high of $119.48 and next eyeing $123.01 (61.8% retracement of Mar 7-16 downleg).
  • Gold is +1.02% at $1941.38 as bonds rally after recent sell-offs on Fed hiking fears. Resistance remains at $1954.7 (Mar 15 high) and support at $1895.3 (Mar 15 low).

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.