CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Sees Yet Further Boost As US Eyes Russian Import Ban

COMMODITIES
  • Crude oil prices rise sharply as the White House considers the banning of Russian oil imports, more than reversing an earlier dip on an Iranian deal sounding imminent.
  • This further adds to growing Russia-Ukraine fallout fears, kickstarted by damage sustained to a nuclear power plant in fighting overnight.
  • WTI is +7.0% at $115.2, approaching yesterday’s high of $116.57 which if cleared could open the psychological $120. In signs of how tight supply is, the US oil rig count surprisingly fell in latest weekly data despite such high prices.
  • Brent is +6.5% at $117.66, with next resistance the psychological $120.
  • Gold continues to flourish with this backdrop, rising +1.7% at $1968.7. Having cleared the bull channel top, it next eyes $1974.3 from the start of the Russian invasion after which it opens $1980.8 (2 proj of the Dec 15 – Jan 28-28 price swing).
  • European natural gas meanwhile rises another 20% on the day, hitting record highs on extreme volatility in fears of Russia cutting off supply.
  • Weekly gains: WTI +26%, Brent +20%, Gold +4.2%, European Nat Gas +104%
Energy BulletsCommodities
Energy BulletsCommodities

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.