MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

WTI Clears 50-Day EMA Russia Production Cut Plans

COMMODITIES
  • Crude oil has gained strongly today, building on earlier comments from Novak that Russian may cut production by 500-700k bpd early next year as a result of western sanctions blunting demand for its crude.
  • Further, freezing weather has halted more than 1.6mbpd of Texas oil-refining capacity and forcing the two largest US refineries (Motiva Port Arthur and Marathon Galveston Bay) to stop producing until temperatures warm up.
  • WTI is +3.0% at $79.80, clearing resistance at the 50-day EMA and briefly $79.90 (Dec 22 high) to open key resistance at $83.27 (Dec 1 high).
  • Brent is +3.4% at $83.69, having earlier tested resistance at $83.85 (Dec 22 high), after which sees the 50-day EMA of $85.19.
  • Gold is +0.2% at $1795.78 with resistance remaining at the bull trigger of $1824.5 (Dec 13 high).
  • Weekly moves: WTI +7.4%, Brent +5.9%, Gold +0.15%, US Nat Gas -21.6%, EU TTF Nat Gas -28%
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.