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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 steady today after the fall yesterday following the comments from US Fed Chair Powell leading to concern for global oil demand growth.
- Brent crude remains in strong backwardation after spreads eased back yesterday in line with the move in the futures. Jun23-Dec23 pulled back into the middle of the 1.6$/bbl to 3.4$/bbl range from this year but the prompt spread is still near recent highs despite the move.
- The prompt WTI time spread was closing in towards parity up to -0.09$/bbl earlier this week but renew economic concerns have pushed the spread back out again.
- The WTI-Brent spread has settled around -5.75$/bbl having closed from around -6.5$/bbl at the start of the month.
- The EIA weekly petroleum inventory data is due for release this afternoon at 15:30GMT. Expectation is for the data to show a small inventory build in crude but a draw in oil products with refinery utilisation falling again.
- Brent MAY 23 up 0.1% at 83.35$/bbl
- WTI APR 23 down -0.2% at 77.46$/bbl
- WTI-Brent down -0.19$/bbl at -5.74$/bbl
- Brent MAY 23-JUN 23 up 0.01$/bbl at 0.5$/bbl
- Brent JUN 23-DEC 23 up 0.05$/bbl at 2.51$/bbl
- WTI APR 23-MAY 23 down -0.01$/bbl at -0.15$/bbl
- WTI JUN 23-DEC 23 down -0.01$/bbl at 2.23$/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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