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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
CME has cut margins for the nearest WTI crude contract from $6.6k per contract to $6k per contract effective after the close of business 17 March according to a note yesterday.
- Earlier in the week ICE cut margins for Brent by almost 20% to $5,980 per contract effective from close of business March 15 for margin calls made March 16.
- Crude aggregate open interest has ticked back up so far in March to just below a peak from mid Feb after a dip in the second half of February. Open interest increased at the start of this year assisted by falling market volatility and lower ICE margin rates.
- Nymex WTI aggregate open interest is up from 1.75m contracts at the end of Feb to 1.796m and ICE Brent open interest is up from 2.06m to 2.18m.
- A combination of higher oil prices, greater oil price volatility, higher trading costs, a lower economic outlook, and higher interest rates caused market participation to drop in 2021 and 2022.
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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