Free Trial
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 futures and spreads are holding onto earlier losses with crude at the lowest since the start of the month as market focus is on demand concerns offsetting supplies cuts.
- Brent has traded through the 50 day EMA support level but WTI is holding just above the support at 77.42$/bbl.
- Crude time spreads are also at the lowest for the month as weak demand has softened the curve backwardation. Spreads however remain above the levels seen before the voluntary OPEC production cut announcement on 1 April.
- A seven week draw in Cushing stocks from a high of 40.7mbbls down to 32.75mbbls is helping support the WTI-Brent spread up at -3.82$/bbl today compared to -4.3$/bbl at the start of the month.
- Brent JUN 23 down -1.9% at 81.54$/bbl
- WTI JUN 23 down -1.9% at 77.72$/bbl
- WTI-Brent up 0.06$/bbl at -3.82$/bbl
- Brent JUN 23-JUL 23 down -0.05$/bbl at 0.28$/bbl
- Brent JUN 23-DEC 23 down -0.25$/bbl at 2.56$/bbl
- Brent DEC 23-DEC 24 down -0.4$/bbl at 4.21$/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok