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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
Crude surges higher through the top of the recent range after the updated EIA stock data showing a build in crude and still strong distillate implied demand. Crack spreads have ticked slightly higher recovering some ground lost earlier in the day.
- A further decline in refinery runs offset a rise in crude exports as stocks build more than expected. Crude exports reach new weekly high with a wide WTI-Brent spread and strong demand from Europe. Crude production remains unchanged and imports at the low end of the five year range.
- Distillate implied demand remains high while gasoline is still below recent years except 2020 despite a slightly increase in the 4week average data.
- Distillate exports saw a small increase but remain unexpectedly low to help a small build in stocks.
- Gasoline showed higher imports offsetting strong exports and lower refinery runs to result in the inventory draw.
- Brent DEC 22 up 2.2% at 95.62$/bbl
- WTI DEC 22 up 3% at 87.84$/bbl
- Gasoil NOV 22 up 2.3% at 1096.5$/mt
- WTI-Brent up 0.2$/bbl at -7.78$/bbl
- Brent DEC 22-JAN 23 up 0.12$/bbl at 1.9$/bbl
- Brent JAN 23-FEB 23 up 0.09$/bbl at 1.73$/bbl
- Brent DEC 22-DEC 23 up 0.85$/bbl at 12.63$/bbl
- US gasoline crack down -0.6$/bbl at 21.42$/bbl
- US ULSD crack up 0.4$/bbl at 65.09$/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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