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Free AccessOil Supported By Lower Rates, EIA Data
- US rates rallying and the USD falling have provided a positive backdrop for many commodities today, with crude oil further boosted by updated EIA data stocking a build in crude and still strong distillate implied demand. Further, Hess sees global oil demand steadily increasing coming out of Covid and sees more upside to oil price than downside, whilst hedging oil production right now is too expensive.
- WTI is +3.1% at $87.98, through resistance at $87.14 (Oct 20 high) to open $88.66 (Oct 12 high) after which sits key resistance at $92.34 (Oct 10 high).
- Brent is +2.4% at $95.79, through resistance at $95.17 (Oct 12 high) to open key near-term resistance at $98.75 (Oct 10 high).
- Gold is +0.8% at $1666.8 having earlier cleared resistance at $1673.6 (Oct 26 high) to open $1691.7 (50-day EMA).
- EU natural gas prices meanwhile have bounced 4.5% (TTF) or 6.5% (NBP) as even though a price-cap is still possible this winter according to EU energy commissioner Kadri Simson, we are already well into the heating season although have been helped by mild weather.
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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.