DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Slide Continues, WTI Off 12%

COMMODITIES
  • The commodity outlook is going from ugly to uglier in recent trade, with WTI and Brent extending the day's sell-off to put WTI through $70/bbl for the first time since September.
  • $70/bbl puts have been among the most active strikes in trade so far Friday for the F2 (Jan'22) contract, but there has also been growing activity in $65/bbl puts in particular as well $67/bbl puts.
  • WTI is -12.1% at $68.87 and has now broken $69.58 (the 61.8% retracement of the Aug 23 – Oct 25 rally). It is now very close to testing the next support at $68.61 (Sep 21 low).
  • Brent is -10.4% at $73.73 and has broken $74.54 (the 50% retracement of the Aug 23 – Oct 25 rally) with the next support at $72.92 (Sep 22 low).
  • OPEC+ is now leaning towards ditching its planned output hike at next week's meeting on Dec 2.
  • Losses aren't limited to energy either, with platinum and palladium, down -4.3% and -5.5% respectively.
  • Gold has also dipped more recently after initial strength in early trading, -0.1% on the day at $1787 with a first support level of $1778.7 (Nov 24 low).
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.