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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 market backwardation has softened slightly today as the front month futures prices have eased back down from a Brent high of around 93.3$/bbl earlier.
- The renewed strength of the US dollar today and the concerns that demand growth could be limited by major central banks keeping interest rates higher for longer is limiting the upside of oil markets. Extra downward pressure after the S&P Global US Manufacturing PMI comes out higher than expected (49.8 vs. 48.9 est).
- The widely expected market deficit in Q4 amid tight supplies and inventories drawdowns is however helping maintain both flat price and spread well above levels seen in early September.
- WTI-Brent is holding around -3.45$/bbl with support from Cushing stocks declining towards the minimum operation levels for the facility.
- Brent DEC 23 down -0.4% at 91.85$/bbl
- WTI NOV 23 down -0.8% at 90.1$/bbl
- WTI-Brent up 1$/bbl at -3.53$/bbl
- Brent DEC 23-JAN 24 down -0.05$/bbl at 1.79$/bbl
- Brent DEC 23-DEC 24 down -0.37$/bbl at 9.43$/bbl
- WTI NOV 23-DEC 23 down -0.21$/bbl at 1.78$/bbl
- WTI DEC 23-JAN 24 down -0.13$/bbl at 1.69$/bbl
- WTI DEC 23-DEC 24 down -0.51$/bbl at 10.43$/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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