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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.
OIL
Brent forward curve backwardation remains strong on the tight physical market supplies. Crude prompt time spreads are holding steady near the top end of the recent range as the EU ban on Russian crude and G7 oil price cap approach. Europe was still receiving about 740kbpd of seaborne crude and 650kbpd of crude through the Druzhba pipeline to Germany and Poland at the end of October.
- The Jun23-Dec23 spread last week rallied with the optimism surrounding Chinese oil demand following suggestions of a possible relaxation in the covid policy. Over the weekend the Chinese National Health Commission confirmed the current covid controls will remain in place with covid cases at a six month high.
- Brent JAN 23-FEB 23 down -0.07$/bbl at 1.6$/bbl
- Brent FEB 23-MAR 23 down -0.02$/bbl at 1.55$/bbl
- Brent JUN 23-DEC 23 down -0.01$/bbl at 4.79$/bbl
- Brent DEC 23-DEC 24 down -0.1$/bbl at 6.21$/bbl
Source: 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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