MNI BRIEF: Aussie Wages Growth Lower At 4.1% Y/Y

MNI: PBOC Conducts CNY125 Bln 1Y MLF Weds; Rates Unchanged

MNI BRIEF: Schmid Says Fed Should Have Left QT At Faster Pace

MNI: PBOC Sets Yuan Parity Lower At 7.1049 Weds; -3.97% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1049 WEDS VS 7.1053

April CPI Mini Preview: Importance To Be Determined By Riksbank Minutes

MNI UK Labour Market Insight

MNI: US REDBOOK: MAY STORE SALES +6.3% V YR AGO MO

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

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

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

WTI Struggling for Direction

COMMODITIES
EM BulletHomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI has oscillated between small gains and losses during Thursday’s session, as oil struggles for direction following yesterday's climbdown. Crude relinquished some of its geopolitical risk premium due to lower concerns for Middle East supply.
  • Israel is unlikely to carry out a strike on Iran until after Passover, according to ABC citing a senior US official.
  • WTI May 24 is currently broadly unchanged on the day at $82.7/bbl.
  • A bull theme in WTI futures remains intact, although yesterday’s move lower signals the start of a short-term bearish corrective cycle.
  • The contract has traded through the 20-day EMA and this signals scope for an extension towards the 50-day EMA, at $81.12. A clear break of the 50-day EMA would signal a stronger bearish theme. On the upside, key resistance and the bull trigger has been defined at $87.67, the Apr 12 high.
  • Spot gold rose by 0.9% to $2,381/oz on Thursday, keeping it around 2% below its record high reached last Friday.
  • The trend condition remains unchanged and the outlook is still bullish, with the next objective at $2452.5, a Fibonacci projection. Initial firm support is at $2293.4, the 20-day EMA.
  • Copper also rose by another 2.1% today to $445.5/lb, its highest since early June 2022, helping the Chilean peso to outperform.
205 words

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.
  • WTI has oscillated between small gains and losses during Thursday’s session, as oil struggles for direction following yesterday's climbdown. Crude relinquished some of its geopolitical risk premium due to lower concerns for Middle East supply.
  • Israel is unlikely to carry out a strike on Iran until after Passover, according to ABC citing a senior US official.
  • WTI May 24 is currently broadly unchanged on the day at $82.7/bbl.
  • A bull theme in WTI futures remains intact, although yesterday’s move lower signals the start of a short-term bearish corrective cycle.
  • The contract has traded through the 20-day EMA and this signals scope for an extension towards the 50-day EMA, at $81.12. A clear break of the 50-day EMA would signal a stronger bearish theme. On the upside, key resistance and the bull trigger has been defined at $87.67, the Apr 12 high.
  • Spot gold rose by 0.9% to $2,381/oz on Thursday, keeping it around 2% below its record high reached last Friday.
  • The trend condition remains unchanged and the outlook is still bullish, with the next objective at $2452.5, a Fibonacci projection. Initial firm support is at $2293.4, the 20-day EMA.
  • Copper also rose by another 2.1% today to $445.5/lb, its highest since early June 2022, helping the Chilean peso to outperform.