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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 has jumped 4% today, gaining through all three regional trading sessions including a push higher with payrolls coming in stronger than expected in April despite more than offsetting downward revisions to Feb/Mar.
- Nevertheless, WTI is still down 7% on the week as the market assess economic driven demand concerns against the potential for tighter supplies with the start of OPEC cuts this month and potential higher demand from China.
- WTI is +4.1% at $71.39, eyeing resistance at $71.9 (May 3 high).
- Brent is +3.9% at $75.30, nudging resistance at $75.58 (May 3 high) after which lies $77.36 (Apr 27 low and recent breakout level).
- Gold is -1.7% at $2016.54, sliding in the risk-on environment with higher Treasury yields and equities as bank stocks bounce. It fleetingly dipped below support at $2000.4 (20-day EMA) before bouncing.
- Weekly moves: WTI -7.1%, Brent -5.3%, Gold +1.3%, US nat gas -11.9%, EU TTF nat gas -5.1%
1st WTI (white) and spot gold (yellow)Source: 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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