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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 continue to be weighed down by the previously announced release of IEA reserves along with further USD strength. Despite today's sell-off in long-end Tsy yields and the curve steepening, a hawkish Fed could conceivably be seen weighing on demand ahead.
- The Senate and House have passed the previously announced ban on Russian oil imports, with news that the House done so boosting prices before it was quickly reversed.
- Separately, the EU has backed an embargo on Russian coal.
- WTI is -0.8% at $95.46, with an earlier low of $93.81 comfortably through initial support at yesterday’s low of $95.73. Next support is eyed at the bear trigger of $92.20 (Mar 15 low).
- Brent is -1.0% at $100.1, also through support from the 50-day EMA and Apr 6 low between 100.54-59, next opening key support at $94.61 (Mar 16 low).
- Gold is +0.5% at $1934.4 as it edges nearer to resistance seen at $1966.1 (Mar 24 high) whilst support remains the bear trigger of $1890.2 (Mar 29 low).
Source: Bloomberg
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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