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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 front month is edging lower but still within the trading range seen so far this week with upside geopolitical risk set against a possible delay to Fed cuts this year, weak economic momentum in China and another possible rise in U.S. crude inventories in EIA data due later today.
- Technical analysis shows Brent futures are in consolidation mode as the latest pause appears to be a bull flag. First Brent Jun24 resistance at the April 12 high of $92.18/bbl and support at the 20 day EMA of $88.28/bbl.
- Crude backwardation continues to soften after the rally in time spreads seen at the start of April. The prompt spread has pulled back from a high of 1.08$/bbl on April 2 back to $0.71/bbl while the Jun24-Dec24 spread is down from $5.73/bbl to $4.17/bbl.
- Brent JUN 24 down 0.9% at 89.17$/bbl
- WTI MAY 24 down 1% at 84.5$/bbl
- Gasoil MAY 24 down 1.2% at 808.25$/mt
- WTI-Brent up 0.04$/bbl at -5.14$/bbl
- Brent JUN 24-JUL 24 down 0.07$/bbl at 0.72$/bbl
- Brent JUN 24-DEC 24 down 0.34$/bbl at 4.17$/bbl
- WTI MAY 24-JUN 24 down 0.06$/bbl at 0.47$/bbl
- WTI JUN 24-DEC 24 down 0.36$/bbl at 4.07$/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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