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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 backwardation remains strong amid risks of an escalation of the conflict in Middle East while front month Brent futures hold between about 89.3$/bbl and 91.3$/bbl. Demand uncertainty has limited upside futures moves but supplies remain tight with a market deficit largely expected this quarter due to OPEC+ member supply cuts.
- Spreads have however trended slightly lower since late Sep with Brent Dec23-Dec24 falling from over 11.3$/bbl back to around 7.6$/bbl today.
- The Brent prompt time spread is trading at around 1.4$/bbl compared to a high of nearly 2.3$/bbl in late September but below 0.5$/bbl in Q2 and July.
- Brent DEC 23 up 0.3% at 89.88$/bbl
- WTI NOV 23 up 0.1% at 86.76$/bbl
- WTI-Brent down -0.03$/bbl at -4.49$/bbl
- Brent DEC 23-JAN 24 down -0.02$/bbl at 1.36$/bbl
- Brent DEC 23-DEC 24 up 0.13$/bbl at 7.64$/bbl
- WTI NOV 23-DEC 23 down -0.01$/bbl at 1.39$/bbl
- WTI DEC 23-JAN 24 down -0.04$/bbl at 1.2$/bbl
- WTI DEC 23-DEC 24 down -0.01$/bbl at 7.81$/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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