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OIL
Crude futures and time spreads resume the move higher to extend the gains from yesterday as the market assess the impact of the extended Saudi Arabia and Russia cuts announced yesterday.
- Crude backwardation has seen a gradual strengthening since late June amid tighter supplies as Saudi have extended the voluntary cuts initial from July into August and now again into September.
- The prompt WTI spread is back up to the highest seen since November while most other spreads are at or near the highest since April.
- Data this week showed a reduction in the Saudi output with output down by 860kbpd month on month in July as they started to implement the pledged cuts of 1mbpd. Russia seaborne exports also started to decline in July after previously maintaining strongly despite pledged cuts since March. Russia’s plan to cut oil exports by 300kbpd in September, down from the pledged 500kbbd in August.
- Brent OCT 23 up 0.5% at 85.56$/bbl
- WTI SEP 23 up 0.6% at 82$/bbl
- Brent OCT 23-NOV 23 up 0.04$/bbl at 0.49$/bbl
- Brent DEC 23-DEC 24 up 0.16$/bbl at 5.08$/bbl
- WTI SEP 23-OCT 23 up 0.03$/bbl at 0.5$/bbl
- WTI DEC 23-DEC 24 up 0.18$/bbl at 5.6$/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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