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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
- Crude oil is finishing the week on a strong note, up almost 4% but it’s only enough to leave WTI up 0.5% on the week and Brent down -1%.
- The largely V-shaped move through the week started with China lockdown-related demand fears before recovering on oil-specific factors such as the EU edging closer to a ban on Russian oil amidst Hungary stalling proceedings before a broader bounce in risk sentiment and increasing tightness in refined product markets ahead of the US driving season.
- WTI is +3.9% at $110.35 having moved nearer to resistance at $111.37 next (May 5 high). Robust increases in the rig count helped briefly pause the rally.
- Brent is +3.6% at $111.33 nearing $114.00 (May 5 high) after which it would open the bull trigger of $115.76.
- Gold finishes a tough week heading another -0.6% on the day for -3.9%, the worst since June, on surging dollar strength. At $1810.5 and briefly dipping under $1800, it moves nearer to the key support of $1780.4 (Jan 28 low).
Mixed fortunes for oil (WTI 1st) and goldSource: 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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