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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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Free AccessBenchmarks Edge Higher, Fresh Attacks In The Red Sea
Oil benchmarks have tracked tight ranges in the first part of Wednesday trade. Brent sits near $77.80/bbl in latest dealings, marginally above Tuesday end levels. WTI was last at $72.50/bbl. Both front end benchmarks saw +2% gains for Tuesday's session.
- Headlines crossed earlier of a Houthi attack, reportedly the largest to date in terms of cruise missiles, drones etc, in the Red Sea on commercial shipping.
- Whilst the US military stated there were no damages from the attack, it does underscore risks around the supply route.
- This news, coupled with API data suggesting lower US oil inventories last week (per BBG), has seen supply side dynamics play a role in oils recent rebound.
- Elsewhere, on Tuesday it was announced global consumption of liquid fuels is expected to be 102.46m b/d in 2024, according to the EIA’s January Short-Term Energy Outlook. This is revised up from 102.34m b/d in December’s report.
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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.