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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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Free AccessWTI Crude Falls On Dollar Strength
- WTI is headed for the US close trading lower and having erased most of yesterday's gains. Downward pressure comes from a stronger USD driven by higher treasury yields and fears of ‘higher-for-longer’ US interest rates.
- WTI Jul 24 is down 0.7% at $79.3/bbl.
- Henry Hub is on track for its lowest close since May 15, with expectations of slightly cooler weather, higher production, and healthy US storage levels adding downside pressure.
- US Natgas Jun 24 is down 5.1% at $2.46/mmbtu.
- Meanwhile, spot gold is down by 0.9% to $2,341/oz, as the precious metal consolidates after hitting an all-time high of $2,450 last week.
- The medium-term trend structure remains bullish and a resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2305.8, represents a key support.
- In contrast, silver has edged up by 0.1% today to $32.1/oz, within sight of last week’s 11-year high at $32.5.
- As noted, a break of this level would open $33.887 next, a Fibonacci projection.
- Copper is down by 1.3% at $479/lb.
- Following recent swings in the copper price, analysts note that with physical markets still tight, further squeezes are possible.
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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.