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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 markets have seen particularly strong gains, extended after a below expected crude draw (-2,169 vs exp -600) and another drop in Cushing stocks. Crude inventories at Cushing fell for the seventh week with a draw of 943k this week taking stocks to the lowest since July 2022, getting close to the operational low of 20mbbls.
- Premiums for near term WTI will continue their rally unless Cushing stocks see substantial builds, according to Bloomberg.
- Crude inventories in the European ARA region fell -1.025mbbls in the week ending 22 Sep according to the latest Genscape data.
- BofA has raised its Brent crude oil forecast for the second half of this year to average $91/bbl, from $81/bbl previously, as the recent run up in refining margins has helped to support prices, together with the extension to OPEC+ supply cuts.
- WTI is +3.7% at $93.78 off its high of $94.17 that has cleared the bull trigger at $92.43 (Sep 19) before a Fibo projection at $93.31 to next open the round $95.
- Brent is +2.9% at $96.65 off a high of $97.06 to clear two resistance levels including $96.95 (Nov 14, 2022 high).
- Gold meanwhile is -1.2% at $1877.13, slumping under pressure from further strong USD increases to new YtD highs on the back of Treasury yields surging to fresh multi-year highs. It has pushed through two support levels including the bear trigger at $1884.9 (Aug 21 low), with a low of $1872.7 stopping short of next support at $1871.6 (Mar 13 low).
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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