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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
Concerns for the global economy and oil demand growth are easing the backwardation in crude markets but not gasoil.
- Crude oil time spreads have fallen back in recent days with the front Brent spread falling from the high of 3.55$/bbl on 14th Jun down to 2.68$/bbl. The longer Dec-Dec spread is back down from a record high at 16.72$/bbl to the levels seen at the start of the month.
- Gasoil spread however have remained strong as tight oil product markets maintain the steep backwardation. The Gasoil Dec-Dec spread is currently near its highest level of 247.5$/mt (equivalent of 33.2$/bbl) from late last week.
- Brent AUG 22-SEP 22 down -0.34$/bbl at 2.7$/bbl
- Brent SEP 22-OCT 22 down -0.2$/bbl at 2.42$/bbl
- Brent DEC 22-DEC 23 up 0.06$/bbl at 13.78$/bbl
- Gasoil JUL 22-AUG 22 down -1.25$/mt at 46.0$/mt
- Gasoil DEC 22-DEC 23 up 4.5$/mt at 247.75$/mt
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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