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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 holding positive on the day on the prospect of OPEC production cuts and supported by a weaker US dollar.
- The uncertain supply from OPEC and Russia is supporting the forward curve backwardation despite signs that Kazakhstan supply may improve in October and after a period of steady Libya supplies around 1.2mbpd.
- Saudi Aramco CEO today highlighted the lack of spare OPEC capacity at approximately just 1.5% of total supply. They also stated they are on target to boost oil production capacity to 13mbpd by 2027. Current Saudi Arabia crude production is 11mbpd with capacity estimated around 12mbpd.
- Brent DEC 22 up 0.9% at 89.69$/bbl
- WTI NOV 22 up 0.8% at 84.3$/bbl
- Brent DEC 22-JAN 23 up 0.01$/bbl at 1.93$/bbl
- Brent DEC 22-DEC 23 up 0.3$/bbl at 11.99$/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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