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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.
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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Crude Falls Towards Lows of the Year
Crude falls further towards the lows of the year with first support at the Jan 3 low of 74.79$/bbl. Weak US demand sentiment, a reduction in Saudi OSP and strong non-OPEC supply continue to weigh on prices while fund net long positions fell last week.
- Bank of America cuts the Brent crude forecast for 2024 from $90/bbl to $80/bbl on supply growth according to Bloomberg. The forecast shows Brent averaging $78/bbl this quarter, down from $90/bbl previously.
- The near term Brent 25 delta call-put skew has widened slightly today although the spread is still less bearish than seen at the start of the year. Brent crude second month skew is today at -2.2% and WTI second month skew is -2.95%.
- Brent MAR 24 down -4% at 75.62$/bbl
- WTI FEB 24 down -4.5% at 70.48$/bbl
To read the full story
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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.