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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 futures have tumbled 5% today as concerns of a tepid demand outlook amid higher US jobless claims, and rising stocks, piled pressure on prices during US trading hours and potentially triggered stop loss selling.
- The US Treasury Department is targeting three crude vessels in suspicion of breaching Russian oil related sanctions, it said in a statement.
- JP Morgan's head of energy strategy Christyan Malek has flagged deeper cuts as a potential avenue for the OPEC+ meeting – something he says the oil market is underestimating.
- WTI is -5% at $72.81 off a low of $72.20, tumbling through multiple support levels at $74.91 (Nov 8 low) and Fibo retrace of $74.26 and $73.12 (Jul 17 low). Next up lies $69.96 (76.4% retrace of the May 4 – Sep 28 bull run).
- Brent is -4.8% at $77.29 off a low of $76.62, although through multiple support levels the lowest being $77.21 (Jul 17 low) to open $75.51 (76.4% retracement of May 4 – Sep 28 bull run).
- Gold meanwhile has surged today for +1.2% at $1983.67 off an earlier high of $1988.00. It fulfils its bullish trend set-up, clearing $1978.4 (Nov 7 high) to next open a bull trigger at $2009.4 (Oct 27 high).
WTI 1st futureSource: 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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