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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
Crude Dec23-Dec24 time spreads are trading to the highest since April as OPEC production cuts for 2024 support the curve backwardation ahead of the updated EIA oil inventory data.
- Front month crude is seeing some support today but upside moves have been limited by US and China demand concerns. The latest China trade data showed weak export growth but import growth was better than expected with higher crude imports.
- The EIA weekly petroleum inventory data due out at 10:30 ET (15:30 BST) is expected to show a build for crude, distillates and gasoline although API data last night suggested a crude draw.
- Brent AUG 23 up 1% at 77.06$/bbl
- WTI JUL 23 up 1.1% at 72.56$/bbl
- WTI-Brent down -0.01$/bbl at -4.42$/bbl
- Brent AUG 23-SEP 23 unchanged at 0.2$/bbl
- Brent DEC 23-DEC 24 up 0.27$/bbl at 3.78$/bbl
- WTI JUL 23-AUG 23 up 0.02$/bbl at -0.09$/bbl
- WTI DEC 23-DEC 24 up 0.29$/bbl at 4.06$/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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