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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.
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Free AccessBrent highest since March
Oil followed wider markets higher as China attempts to support their recovery after oil demand has taken a big hit because of their zero covid policy. Brent rallied to the highest since 28th Mar to close at 117.4$/bbl.
- Brent JUL 22 down -0.1% at 117.25$/bbl
- WTI JUL 22 down -0.2% at 113.83$/bbl
- Gasoil JUN 22 down -0.4% at 1155$/mt
- WTI-Brent up 0.06$/bbl at -3.32$/bbl
- Chinese apparent oil demand was down 8.6% from March to April but covid cases have started to fall raising the potential for the easing of lockdown restrictions.
- Refined product markets remain especially tight with low stocks and supplies as available refining capacity struggles to keep up with demand. US refiners are running at 93.2% utilization last week with East Coast at 97%. US gasoline and diesel demand remains strong despite the record pump prices and is likely to increase into the driving season.
- The oil curves remain strongly backwardated with the front Brent spread moving from 1.15$/bbl to 3.2$/bbl this month and WTI front spread from 1.49$/bbl to 2.85$/bbl. The Dec22-Dec23 spreads are the highest since early Mar with Brent at 13.77$/bbl and WTI at 14.31$/bbl
To read the full story
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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.