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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
Backwardation in crude is relatively stable today but has fallen significantly over the last few weeks.
- Time spreads remain near close levels despite the rise in outright crude futures today. Spreads have fallen due to signs that Russian supply is redirected rather than missing, the return of Libya supply, the ongoing SPR release, the show of willing from OPEC with a small increase announced last week and now renewed hope from Iran nuclear talks.
- The prompt WTI spread is maintaining the lowest levels since January with the longer dated Dec-Dec spread approaching the Mar and Apr lows.
- Brent OCT 22 up 0.9% at 97.52$/bbl
- WTI SEP 22 up 1% at 91.66$/bbl
- WTI SEP 22-OCT 22 up 0.01$/bbl at 0.84$/bbl
- WTI DEC 22-DEC 23 down -0.1$/bbl at 7.46$/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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