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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
Near term crude time spreads have spiked higher in recent days on increasing supply risks and Saudi cuts amid tight market expectations while longer dated spreads are also rallying although moves have been more muted.
- EIA yesterday saw reducing global inventories this year before seeing rising global production in 2024 offsetting the drop in OPEC production.
- The prompt Brent spread is today holding near the highs from yesterday which were the highest since March. The prompt WTI spread is the highest since November after a strong really since the start of July. (See chart via link)
- The Dec23-Dec24 spreads have also edged above the highs from last week to the highest since April.
- The WTI-Brent spread is holding steady around -3.9$/bbl
- Brent OCT 23 down -0.1% at 87.43$/bbl
- WTI SEP 23 down -0.2% at 84.2$/bbl
- WTI-Brent down -0.05$/bbl at -3.93$/bbl
- Brent OCT 23-NOV 23 up 0.03$/bbl at 0.66$/bbl
- Brent DEC 23-DEC 24 down -0.03$/bbl at 5.28$/bbl
- WTI SEP 23-OCT 23 down -0.02$/bbl at 0.69$/bbl
- WTI DEC 23-DEC 24 unchanged at 5.89$/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.
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