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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 backwardation is softening slightly today but has been strengthening this month with the potential for a tighter market in the second half of this year driven by lower OPEC supplies, a demand recovery in China and low US petroleum inventory levels.
- Upside risks of further cuts at the upcoming OPEC+ meeting on 3-4 June are currently offsetting the US economic concerns and uncertainty over the rate of growth in China.
- The Dec23-Dec24 up from a low of 2.3$/bbl last week and aroudn 2$/bbl at the start of the month but is still well below the April high of 5.9$/bbl.
- Brent JUL 23 down -1.1% at 77.53$/bbl
- WTI JUL 23 down -1.2% at 73.44$/bbl
- Brent JUL 23-AUG 23 down -0.02$/bbl at 0.11$/bbl
- Brent DEC 23-DEC 24 down -0.16$/bbl at 3.37$/bbl
- WTI JUL 23-AUG 23 down -0.03$/bbl at 0.02$/bbl
- WTI DEC 23-DEC 24 down -0.16$/bbl at 3.85$/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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