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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 time spreads are edging back up after extending the corrective pullback this morning following the US Fed suggestion of another possible rate hike this year. Central banks remain wary of inflationary pressures, not helped by the recent rising oil prices primarily driven by OPEC+ cuts.
- Speaking to Fox News overnight, Saudi Crown Prince Mohammed bin Salman stated that OPEC+ oil production cuts were based on market stability: “If there is shortage of supply our role in OPEC+ is to fill that shortage. If there is oversupply our role of OPEC+ is to measure that for the stability of the market,”
- The prompt Brent spread earlier fell back towards the low of 1.02$/bbl yesterday while the Dec23-Dec24 approached the level from late last week down to 8.20$/bbl earlier today. The curve remains in strong backwardation reflecting the market deficit expected in Q4.
- The uptrend in Brent futures remains intact but the trend condition is overbought and a corrective cycle lower would allow this condition to unwind. Initial key support lies at the 20-day EMA of 90.36$/bbl.
- Brent NOV 23 down -0.9% at 92.73$/bbl
- WTI NOV 23 down -0.9% at 88.85$/bbl
- WTI-Brent up 0.04$/bbl at -3.86$/bbl
- Brent NOV 23-DEC 23 down -0.08$/bbl at 1.1$/bbl
- Brent DEC 23-DEC 24 down -0.46$/bbl at 8.38$/bbl
- WTI NOV 23-DEC 23 down -0.08$/bbl at 1.24$/bbl
- WTI DEC 23-DEC 24 down -0.42$/bbl at 9.03$/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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