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This time Brent makes a dynamic move higher
The reaction across the oil markets has this time not ignored the geopolitical news emerging from the Middle East. As you know Brent crude had a look below $70 earlier today. It has now lifted well above the $73 handle following the news from the US; that Iran is set to imminently attack Israel. This has delivered a surge of buying across all the oil market contracts and push December Brent to a high a short while ago, very close to the $74 (73.98 the high so far) per barrel handle. That is a rise of more than 5% from the bottom to the top today. Brent for December delivery is just now trading at $73.65
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Dissecting the US data as US stock futures fall- check out the Nasdaq 100 futures right now
Following on from the previous update, noting the fall in US Q1 flash GDP at the same time as prices have risen, here is some more colour and opinion...
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US flash Q1 GDP falls and core PCE prices rise more than forecast- USD/JPY rises and falls
The very important US Q1 GDP estimate and core PCE price index have just been released. The flash estimate for Q1 GDP has shown a fall of 0.3% . That...
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US April ADP report misses estimates rising by only 62k- S+P 500 futures slip
The April US ADP private payroll report has just been released. As noted here earlier, the markets were looking for a lower number this month around...
