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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
Brent crude forward curve backwardation is strengthening with the prompt spread approaching the highest since November of 0.41$’bbl from 30 Jan.
- The near term spreads are seeing more support than longer dated spreads with Dec23-Dec24 back up from near 3$/bbl to 4.8$/bbl but still well below a peak of nearly 6$/bbl on 27 Jan.
- Crude futures are holding onto gains with support from oil demand growth optimism as the market continues to watch for a negative impact from the latest EU and G7 sanctions on Russian oil output.
- The WTI prompt spread is also edging higher again today but current weak US demand is keeping the front in contango.
- The latest EIA weekly petroleum inventory data is due for release this afternoon at 15:30GMT. Crude and product stocks are both expected to show small builds according to a Bloomberg survey following on from a gradual build in crude inventories in recent weeks.
- Brent APR 23 up 0.5% at 84.11$/bbl
- WTI MAR 23 up 0.8% at 77.75$/bbl
- WTI-Brent up 0.19$/bbl at -6.11$/bbl
- Brent APR 23-MAY 23 up 0.05$/bbl at 0.37$/bbl
- Brent JUN 23-DEC 23 up 0.16$/bbl at 2.92$/bbl
- WTI MAR 23-APR 23 up 0.02$/bbl at -0.23$/bbl
- WTI JUN 23-DEC 23 up 0.2$/bbl at 2.64$/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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