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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
Big build in crude stocks driven by a larger than expected fall in refinery utilisation despite a fall in exports back to near normal levels. Production dipped back below 12mbpd.
- Refinery runs have fallen below 90% and the lowest since April due to refinery maintenance.
- Distillate stocks drew keeping inventory levels well below normal.
- Gasoline saw strong exports and higher imports and another fall in the 4-week average implied demand.
- Diesel exports remain strong with overseas demand from Europe. Diesel 4-week implied demand has recovered back to near normal levels after the dip in recent weeks.
- Crude markets are slightly higher in reaction to the data with time spreads unchanged. Both gasoline and diesel spreads are higher on the day with tight supplies supporting prices.
- Brent DEC 22 up 1.1% at 93.43$/bbl
- WTI NOV 22 up 1.1% at 88.21$/bbl
- WTI-Brent up 0.09$/bbl at -6.43$/bbl
- WTI NOV 22-DEC 22 unchanged at 1.21$/bbl
- WTI DEC 22-DEC 23 up 0.43$/bbl at 11.6$/bbl
- US gasoline crack up 1.3$/bbl at 24.5$/bbl
- US ULSD crack up 4$/bbl at 81.33$/bbl
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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