Free Trial

WTI Strikes Sept High, Narrows in On Bull Trigger

COMMODITIES
  • Energy markets traded solidly Friday, shrugging off the generally sluggish feel in equity and riskier asset markets. WTI crude futures topped Thursday's best levels to print a new September high of $73.93/bbl. This keeps WTI within striking distance of the bull trigger at $74.23 last printed in late July.
  • Primary drivers remain the expected tightness of the energy market across Winter, with a number of sell-side firms flagging the risks to prices should a colder-than-expected season drive energy demand and thereby prices higher.
  • Gold and silver prices were more mixed, with silver slipping while gold managed to print minor gains. Gold initially traded heavy on broad greenback strength before a spell of buying around the 4pm fix drove metals higher. Ongoing concerns around China real estate giant Evergrande also helped assist a safe haven bid, with US-based bond holders yet to receive a payment due Thursday, triggering a grace period and possibly the beginning of the default process. Initial firm resistance remains at $1787.40, the Sep 22 high. A break here would ease current bearish pressure.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.