Free Trial
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
Crude futures are drifting off from earlier gains as curve backwardation has strengthened following the 1mbpd Saudi Arabia voluntary production cut in July, and possible extension beyond, and adjusted OPEC+ quotas for next year.
- Time spreads are also easing back from the highs of the day after the prompt regained most of the losses form last week and Dec23-Dec24 traded at the highest since late April. The spreads are still well below the levels seen after the voluntary OPEC cuts announced at the start of April.
- Stronger than expected Caixin PMI data from China is also providing some optimism for China’s oil demand.
- Next technical resistance for Brent is at the intraday high of 78.73$/bbl and WTI at the intraday high of 75.06$/bbl.
- Brent AUG 23 up 1.7% at 77.41$/bbl
- WTI JUL 23 up 1.8% at 73.02$/bbl
- WTI-Brent down -0.02$/bbl at -4.31$/bbl
- Brent AUG 23-SEP 23 up 0.04$/bbl at 0.2$/bbl
- Brent DEC 23-DEC 24 up 0.38$/bbl at 3.57$/bbl
- WTI JUL 23-AUG 23 up 0.01$/bbl at -0.09$/bbl
- WTI DEC 23-DEC 24 up 0.33$/bbl at 3.85$/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok