VAST MAJORITY OF FOMC SAY PRUDENT TO SLOW QT FAIRLY SOON

BOC: IF THINGS EVOLVE AS EXPECTED, WILL BE APPROPRIATE TO CUT

BOC SAYS JUNE RATE CUT IS WITHIN REALM OF POSSIBILITIES

MNI BRIEF: Brazil Inflation 3.93% In March, Lowest In 9 Months

MNI Brief: China Targets Standards Update To Support Trade-ins

MNI BRIEF: Fitch China Outlook Downgrade Regrettable - MoF

MNI: US MAR TREASURY BUDGET -236.5B

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: 3/7/15+ Year BTP Auction Thursday

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

WTI Edges Off A Fresh Cycle High

COMMODITIES
  • The Dec-21 WTI future printed a new cycle high in Asia-Pac trade at $83.96/bbl, with strength stalling just ahead of the psychological $84/bbl handle. Both WTI and Brent crude futures have rolled off the overnight highs as the greenback reclaims some lost ground and recovers off the overnight lows.
  • Elsewhere, the Russian President Putin spoke again on persistently high gas prices, warning that an extended period of high prices would deter consumption among some of Russia's largest trade partners, harming the likes of Gazprom in the longer-run. Reports suggest Russia will have filled its domestic gas stockpiles by the beginning of November, after which priorities could switch to exporting gas, possibly keeping a lid on prices going forward.
  • WTI trend conditions remain bullish and the contract has traded to a fresh trend high today. The continued move higher maintains the bullish price sequence of higher highs and higher lows, reinforcing the uptrend. The focus is on $85.01 next, a Fibonacci projection.
  • Gold is firmer this week. Attention though is on Friday's sharp sell-off that continues to highlight a potential bearish threat. Key short-term resistance has been defined at $1800.6, the Oct 14 high.
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

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.