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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 forward curve backwardation has softened over the last ten days despite concerns for future Russian supply disruption. Economic growth concerns and rising Chinese covid case numbers are weighing on the crude market. Both IEA and OPEC lowered their oil demand growth forecasts in their monthly reports earlier this week.
- The WTI prompt time spread is the weakest since late September while longer dated spreads have eased back from a peak seen earlier this month.
- Brent Jun23-Dec23 has fallen from nearly 5$/bbl on Nov 7 back to 4.2$/bbl while Dec23-Dec24 has fallen from 6.4$/bbl to 5.3$/bbl during the same time. Brent front month futures have fallen about 6.7% in that time.
- Brent JAN 23-FEB 23 up 0.06$/bbl at 1.27$/bbl
- Brent FEB 23-MAR 23 up 0.07$/bbl at 1.15$/bbl
- Brent JUN 23-DEC 23 down -0.04$/bbl at 4.22$/bbl
- Brent DEC 23-DEC 24 down -0.07$/bbl at 5.27$/bbl
- WTI JAN 23-FEB 23 up 0.03$/bbl at 0.77$/bbl
- WTI DEC 22-DEC 23 down -0.14$/bbl at 8.03$/bbl
- WTI DEC 23-DEC 24 down -0.1$/bbl at 5.08$/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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