MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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

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

​Oil Up Strongly As US Bans Russian Imports

COMMODITIES
  • Crude oil prices have increased sharply today as the US and UK actioned its ban on Russian oil imports, with the US turning to Venezuela to help fill the gap in supply.
  • The time it will take US producers to ramp up production sees price gains heavily concentrated in front-dated contracts.
  • WTI is +4.2% at $124.6, down from an earlier high of $129.44. Resistance remains yesterday's overnight high of $130.50 after which it could open $132.75 (3.618 proj of the Aug - Oct - Dec 2021 price swing).
  • The most active strikes in the Apr22 contract have been $130/bbl calls, followed by $140/bbl calls.
  • Brent is +4.4% at $128.6, down from a high of $133.15. As with WTI, resistance remains yesterday's high of $139.1.
  • Gold sees another very strong day, up 2.1% at $2039.6 having touched highs of $2070.44 and in the process clearing two resistance levels, with the higher $2050.0 (Aug 10, 2020). That potentially opens major resistance eyed at $2075.5 (Aug 7, 2020 high).
  • This was despite surprisingly little reaction from Poland announcing it is ready to transfer all its MiG-29 jets to the US airbase at Rammstein, a potential escalation trigger.
  • Russia will restrict some raw material exports but we await details.
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.