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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
- Commodities prices have seen wild moves today, surging on the Russian invasion of Ukraine before unwinding gains on the rollout of the Western response with sanctions that avoided targeting Russian oil, and in the case of gold more than unwinding gains.
- WTI currently sits +1.3% at $93.36 having been up 9.2% at one point and clearing $100/bbl in the process. It’s through support of $94.95 and next eyes $90.64 (Feb 23 low). The curve remains in firm backwardation.
- Brent has seen larger gains due to its proximity, +3.3% at $99.32 off an earlier high of $105.79. It now sits reasonably close to the firm support of the earlier intraday low of $97.56 after which it opens $95.80 (Feb 22 low).
- Gold has seen a larger swing directionally, currently down -1.3% at $1882.91 having been +3.4% at its peak of $1974.35 and smashing through the medium-term upside target. It now sits close to testing support at $1879.6 (Feb 15 high).
- European natural gas prices closed 50% higher on the day, prior to the further decline in other commodity prices on Biden’s address.
WTI and Gold PricesSource: 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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