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White House, BoJ Latest to Sound Alarm Over High Energy Costs

COMMODITIES
  • WTI and Brent crude futures trade off recent highs, but in price action more reminiscent of consolidation and profit-taking rather than any sea change in sentiment as both oil contracts remain in a bullish trend.
  • Monday's gains confirmed an extension of the current bullish price sequence of higher highs and higher lows, reinforcing the uptrend. Note that the $80.00 psychological hurdle has also been cleared. The focus is on $82.89, a Fibonacci projection.
  • Concerns among global policy markets over the current high price of oil and energy continues to be reflected in headline newsflow, with an MNI report showing the Bank of Japan's concerns over both high energy prices and high import costs as working against corporate profits. This sentiment was reflected in Reuters reports citing sources as saying the White House is conversing with US oil and gas producers on how the industry can help bring down prices.
  • Further evidence of the global shortage of energy supplies arise just after the London close, as the Moldovan Deputy PM formally issued a state of emergency in the domestic energy sector thanks to the natural gas shortage in the country.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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