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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
- Crude oil has unwound a little over half of yesterday’s risk-on push higher, hurt primarily by more hawkish Fedspeak and with the US dollar getting a further boost from McCarthy seeing the debt limit deal on the House floor next week.
- WTI is -1.5% at $71.72 but remains off support at $69.41 (May 15 low) whilst pulling back from resistance at $73.93 (Apr 28 low).
- Brent is -1.6% at $75.75, holding above support at $73.49 (May 15 low) whilst pulling back from resistance at $77.60 (May 10 high).
- Gold is -1.2% at $1957.28 for a now 2.9% decline since Monday’s close on the aforementioned factors with the USD surging on debt deal optimism. It has easily cleared support at $1975.1 (May 18 low) and the key $1969.3 (Apr 19 low), opening $1934.3 (Mar 22 low).
- US HH natural gas has also seen a notable +9.5% increase at typing, continuing to surge after a smaller than expected build in EIA US inventories (+99bch vs expected +108bcf vs 5-year average for time of year of +95bcf).
WTI 1st future (white) and spot gold (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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