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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 markets bouncing with Brent between 91.3 and 92.7$/bbl after OPEC agree to a 2mbpd cut and EIA shows an unexpected draw in crude stocks and larger draw in product stocks.
- Crude draw driven by unexpected rise in refinery utilisation. Crude exports are still high with production unchanged and imports low.
- Larger draw in gasoline and distillate stocks than expected but more in line with API data. Unexpected fall in gasoline exports partly offset by lower imports while distillate exports are back above the 5-year range levels.
- Gasoline and distillate demand continue to recover this week with 4-week product supplied moving back above 2020 levels.
- Brent DEC 22 up 0.6% at 92.37$/bbl
- WTI NOV 22 up 0.4% at 86.88$/bbl
- Gasoil OCT 22 up 6% at 1169$/mt
- WTI-Brent down -0.13$/bbl at -6.45$/bbl
- Brent DEC 22-JAN 23 down -0.13$/bbl at 1.85$/bbl
- Brent DEC 22-DEC 23 up 0.11$/bbl at 12.42$/bbl
- US gasoline crack down -1.3$/bbl at 24.92$/bbl
- US ULSD crack up 4.5$/bbl at 66.08$/bbl
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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