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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.
COMMODITIES
- Oil prices are modestly higher on the day as Germany is ready to back an EU ban on Russian oil if it’s gradual.
- TTF gas prices increased a further 4% following Russia’s decision to halt gas supplies to Poland and Bulgaria. The EU has warned companies not to meet demands to pay for gas in rubles but Italy’s ENI prepares to open accounts regardless (adding to earlier stories that four European gas buyers have already paid in rubles and ten have opened gazprom accounts).
- France will hold a meeting of EU energy ministers in May to discuss how to deal with Russia’s decision to halt gas supplies to Poland and Bulgaria.
- WTI is +0.5% at $102.2 with an almost parallel shift across the curve 1y out.
- It’s at the top end of yesterday’s range and not troubling technical ranges with resistance at $105.42 (Apr 21 high) and support at $95.28 (Apr 25 low).
- Brent is +0.5% at $105.6, with resistance at $109.8 (Apr 21 high) and support at $99.48 (Apr 25 low).
- Gold is -1.0% at $1887.2 as further USD strength sees a resumption of gold weakness after pausing yesterday. It clears the bear trigger of $1890.2, a clear break opening support at the $1878.4 Feb 24 low from the first day of the war in Ukraine.
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.
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