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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
Crude futures and time spreads continue to decline with concern for the impact on oil demand of potential further central back rate hikes.
- Brent front month has fallen to the lowest of the week from a high of 77.2$/bbl on 21 June with next technical support at the 31 May low of 71.50$/bbl. Next support for Aug WTI is at the 12 June low of 66.96$/bbl.
- The Aug-Sep time spreads are holding onto the decline seen yesterday suggesting ample near term supplies while the Dec23-24 spread is following front month lower again today.
- WTI-Brent spread is dipping lower to -4.7$/bbl having closed to nearly -4.5$/bbl yesterday. EIA data yesterday showed the first small Cushing draw since mid April but concern for demand growth in US is still adding to downside pressure on WTI.
- Brent AUG 23 down -1.6% at 72.98$/bbl
- WTI AUG 23 down -1.8% at 68.28$/bbl
- WTI-Brent down -0.02$/bbl at -4.69$/bbl
- Brent AUG 23-SEP 23 up 0.05$/bbl at -0.16$/bbl
- Brent DEC 23-DEC 24 down -0.16$/bbl at 2.54$/bbl
- WTI AUG 23-SEP 23 down -0.03$/bbl at -0.15$/bbl
- WTI DEC 23-DEC 24 down -0.16$/bbl at 2.68$/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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