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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
The crude prompt time spread has eased back slightly after surging to a high of 1.7$/bbl earlier today reflecting the tight supplies and market expectation for a market deficit in Q4.
- The Dec23-Dec24 spread is maintaining the recent gains up towards the highs from last week of just over 10$/bbl with Saudi and Russia export cuts the primary driver of the strong curve backwardation.
- Saudi Arabia may continue to extend its additional unilateral reduction to keep the market relatively tight according to Bloomberg. The OPEC+ output cuts are designed to preemptively protect against a weakening economic outlook and any slowdown in energy-demand growth.
- OPEC+'s defensive stance and improved demand in China form a constructive backdrop for prices later this year and US Fed policy moves remain a key driver of oil-price sentiment according to Bloomberg.
- Brent NOV 23 up 0.7% at 94.59$/bbl
- WTI NOV 23 up 0.9% at 91.21$/bbl
- WTI-Brent up 0.19$/bbl at -3.36$/bbl
- Brent NOV 23-DEC 23 up 0.1$/bbl at 1.63$/bbl
- Brent DEC 23-DEC 24 up 0.44$/bbl at 9.84$/bbl
- WTI NOV 23-DEC 23 up 0.19$/bbl at 1.8$/bbl
- WTI DEC 23-DEC 24 up 0.54$/bbl at 10.89$/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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