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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 prices have surged further today for an extremely strong week that has been dominated by the OPEC+ decision to cut 2mbpd from its output starting November and potential further cuts from Russian production. There are fewer obvious factors for today’s further rise, although a lack of US action could be at play, with oil increasingly seeing a disconnect with equities.
- WTI is +4.8% at $92.64, having cleared multiple resistance levels, the latest being $92.26 (Aug 30 high), opening key resistance at $96.82.
- Brent is +3.7% at $97.9 having cleared two resistance levels to open key resistance at $101.88 (Jul 29 high).
- Gold is -0.8% at $1698.86 as it slips on USD strength & higher yields following lower than expected US unemployment keeping the pressure on the Fed to hike aggressively. It earlier cleared support at $1695.2 (former trendline resistance) to open $1659.7 (Oct 3 low).
- Weekly moves: WTI +16%, Brent +11%, Gold +2.3%, US nat gas 0%, EU nat gas -17%
Opening disconnect between oil and equitiesSource: 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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