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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.
OIL
Vortexa data shows a handful of Atlantic Basin producers increasing crude exports substantially in recent months.
- The US, Brazil, Guyana, Algeria and Libya have exported 7.6mbd of crude into global seaborne markets in October, up from an already highly elevated 7.1mbd in September.
- Relative to Q2 2022, October levels are up by 1.8mbd or 31%, while compared to the Covid-low in June 2020, nearly 3mbd of crude exports have been added by these five countries.
- Quality-wise these extra supplies are nearly all sweet, with a majority being light-sweet.
- Other key crude export markets are keeping their supplies steady for now. This includes Russia (Sokol set to stage comeback), West Africa (Bonny Light and Forcados potentially coming back), and the Middle East (OPEC+ cuts may initially be counterbalanced by lower domestic use and stockdraws).
- The flows set the scene for growing crude supplies on the market and could help to keep a lid on upward crude momentum.
- An inability to redirect all or most of Russia’s crude come December 5 when the EU ban takes effect remains a key supply risk in the short term.
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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