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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
- Improved risk sentiment through the day has seen crude oil prices only partially recovered from sliding through the European session on a combination of Libyan production ramping up again quite substantially, the Russian gas situation easing as Nord Stream 1 flows reached 40% of capacity and continued spillover from implied weak US gasoline demand.
- More recently Putin and Saudi Crown Price bin Salman will continue oil cooperation, whilst there has also been a curveball thrown up by Reuters sources reporting the Nord Stream turbine returning from Canada has been stuck in transit in Germany because Russia has so far not given the go-ahead to transport it back.
- WTI is -3.65% at $96.19, stepping back from resistance eyed at the 50-day EMA of $102.29 but still easily above support at $91.64 (Jul 15 low).
- Brent is -3.7% at $103.76, also away from the 50-day EMA of $107.46 having tested it yesterday.
- Gold on the other hand has jumped +1.1% to $1715.01 (with an intraday swing of 2%) after sustained downward pressure in recent weeks, helped by Tsy yields sliding through the session after the ECB’s front-loaded 50bp hike.
- Coming before news of Russia’s blocking of the turbine transport, TTF natural gas prices had edged up just +0.4% higher.
Mixed fortunes for oil (WTI, white) and gold (spot, yellow)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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