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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
Crude time spreads are following the bearish move lower in the outright futures with Brent Dec23-Dec24 down from around 3.65$/bbl early yesterday to the current level of 2.11$/bbl. The spread is approaching the lows seen amid the banking turmoil in mid March.
- Front month crude is also the lowest since mid March with WTI now below the 70$/bbl level.
- The WTI-Brent spread is holding around -3.8$/bbl with support from the low Cushing stocks and the addition of WTI Midland into the Dated Brent benchmark. The US crude officially joined the benchmark of the five North Sea crudes yesterday for deliveries starting in June.
- Brent JUL 23 down -2.7% at 73.31$/bbl
- WTI JUN 23 down -2.9% at 69.59$/bbl
- WTI-Brent up 0.01$/bbl at -3.8$/bbl
- Brent JUL 23-AUG 23 down -0.08$/bbl at 0.2$/bbl
- Brent DEC 23-DEC 24 down -0.43$/bbl at 2.11$/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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