MNI: Rough Transcript of Powell's July Press Conference

MNI: Comparison of Powell's Opening Statement - July vs June

MNI: POWELL SAYS RATE CUT COULD BE ON TABLE AS EARLY AS SEPT.

MNI China Daily Summary: Wednesday, July 31

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 433.0M JUL 26 WK

MNI: US NAR JUN PENDING HOME SALES INDEX 74.3 V 70.9 IN MAY

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Oil Supported By Large Draw In US Inventories

COMMODITIES
  • Crude oil prices have bounced after yesterday’s slide ahead of the possibility of a nuclear deal with Iran, boosted the largest draw on US crude inventories since September.
  • WTI is +0.7% at $90.0, having fleetingly cleared initial support of $88.51 (Feb 8 low) before bouncing. A larger clearance would next open $86.34 (Jan 31 low) whilst resistance is $93.17 (Jan 4 high) as the outlook remains bullish.
  • On a below average day for futures volumes, the most active strikes in the H2 contract have been $85/bbl puts followed by $90/bbl calls.
  • Brent is +1.2% at $91.84, with support seen at $89.93 (Feb 8 low) and resistance at $94 (Feb 7 high) with the outlook remaining bullish.
  • Gold is up another 0.4% today at $1833.49 ahead of tomorrow’s US CPI print. It edges nearer to the bull trigger of $1853.9 (Jan 25 high) and further from the bear trigger of $1780.4 (Jan 28 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.