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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
Open interest in the main oil markets has gradually risen from a low in December to the highest since March according to ICE and Nymex data.
- Positions across the main oil futures benchmarks have increased by almost 850mbbls so far this year. ICE Brent open interest is at 2.1m compared to a peak of nearly 2.8m on 2021 and Nymex WTI is at 1.8m compared to 2.5m in 2021.
- Traded volumes and open interest declined in 2021 and 2022 due to high market volatility. Interest is increasing this year on falling trading costs, rebalancing global trade, and China’s reopening. A recovery in Chinese demand could lead to higher volume of oil imports and increased hedging activity.
- “Some of these volumes are driven by crude trade flows continuing to evolve off the back of more barrels from the US, West Africa, and the Middle East heading to Europe to replace the Russian barrels that are now going East,” said Jeff Barbuto, Global Head of Oil Markets at ICE.
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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