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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 OPTIONS
The crude second month skew has moved towards cover of the downside with market focus back on inflation and central bank rate hikes. The Brent 25 delta call-put skew is nearing the Jan lows and the most bearish since November. The skew had closed in to -2$/bbl on 1 Mar but has since fallen back down to -4.15% today.
- The move in the Brent Dec23 skew is more muted supported by the expectation of higher demand from China later this year. The call-put skew is holding at -4.1% and just below the recent peak of around -3.4%.
- The WTI second month skew is down to -4.36% and the Dec23 skew is at -5.1%.
- Market uncertainty and price swings have resulted in a rise in ATM implied volatility with crude vols up about 3% from late last week. Brent second month volatility is up to 35% and WTI up to 35.8%.
- Brent MAY 23 down -1% at 82.49$/bbl
- WTI APR 23 down -1.3% at 76.56$/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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