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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
- WTI has increased strongly on the day but it doesn’t prevent weekly losses after steep declines earlier in the week (and the third weekly decline in a row). The timid demand outlook continues to weigh on prices, as has the lack of regional escalation stemming from the Israel-Hamas conflict which has also helped see gold prices slump.
- OPEC+ crude oil output rose by 180kbpd M/M in October to 42.71mbpd, amid higher output from Iraq and Iran according to the latest Platts survey. OPEC+ production among the 19 members subject to quotas was up 70k b/d M/M in Oct to 36.27m b/d, according to estimates by Argus.
- An extension to Saudi Arabia’s 1mbpd voluntary oil production cuts is very probable, as the market would otherwise risk a very high supply surplus in the first half of next year, Commerzbank said in a note.
- Brent crude futures aggregate open interest has continued to fall this week following a drop after the Dec23 contract expiry. ICE Brent open interest is down to the lowest since January at 2.042m yesterday from over 2.2m at the end of October.
- WTI is +1.85% at $77.14, and being back more firmly in the week’s range doesn’t trouble technical levels with resistance at $80.20 (Oct 6 low) and support at $74.91 (Nov 8 low).
- Brent is +1.75% at $81.42 vs resistance at $82.20 (Oct 6 low) and support at $79.20 (Nov 8 low).
- Gold is -1.2% at $1935.5 for a sharp move considering a modest decline in the USD index. It has notably cleared support at the 50-day EMA of $1938.1 to open $1868.8 (Oct 13 low).
- Weekly moves: WTI -4.2%, Brent -4.1%, Gold -2.9%, US nat gas -13.3%, EU TTF nat gas -3.0%.
WTI 1st future (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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