MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: US OCT CONSTRUCT SPENDING +0.4%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Oil Ultimately Lower Whilst Gold Under Strong USD Pressure

COMMODITIES
  • Crude futures are ending the session lower on the day, suggesting the market considers the wider market impact of Russian diesel and gasoline exports ban to be relatively limited with the measure generally expected to be fairly short lived.
  • Crude managed money net long positions rose again to the highest since March 2022 according to latest CFTC data. Combined net long positions for Brent and WTI increased by another +27k to 522k with WTI at a 19 month high and Brent at a six month high.
  • Russia has succeeded in avoiding G7 sanctions on most of its oil exports, as almost three quarters of all seaborne Russian crude flows in August have travelled without western insurance, allowing Russia to sell its oil above the $60/bbl price cap.
  • US oil production has seen some focus today. Chevron CEO Mike Wirthy has US production is being held back by inconsistent energy policy, with risks to market prices remaining more to the upside rather than the downside. Separately, oil is headed for $150/b unless the US does more to encourage exploration, according to Continental Resources CEO Dough Lawler.
  • WTI is -0.4% at $89.65, further away from resistance at $92.43 (Sep 19 high) but easily above support at $86.58 (20-day EMA).
  • Brent is -0.06% at $93.21, pulling further off resistance at $95.96 (Sep 19 high) but remaining easily above support at $90.89 (20-day EMA).
  • Gold is -0.5% at $1915.77, having come under strong pressure from a resurgent US dollar on a further large bear steepening in Treasuries as real yields surge higher. Support at $1901.1 (Sep 14 low) could start to be eyed as the yellow metal remains far below last week’s pre-FOMC high of $1947.5.
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.