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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
MNI (London) - Crude prices are holding slightly down on the day weighed down by concerns for the global economy and with rising covid cases in China as it eases covid restrictions.
- The shape of the forward curve remains unchanged over the last week with weak demand keeping the front in contango. The prompt Brent spread has recovered from a low of -0.75$/bbl 22 Dec.
- The potential for a recovery in Chinese demand next year and lower Russian output following sanctions are supporting longer dated spreads. The Jun23-Dec23 spread has increased from 0.96$/bbl on 12 Dec up to over 2.5$/bbl and the Dec23-Dec24 spread has risen from 2$/bbl to 4$/bbl in the same period. The spreads are easing back today following the move in the flat price crude.
- Brent FEB 23 down -0.8% at 83.68$/bbl
- WTI FEB 23 down -0.6% at 79.02$/bbl
- Brent FEB 23-MAR 23 down -0.21$/bbl at -0.56$/bbl
- Brent MAR 23-APR 23 up 0.03$/bbl at 0.13$/bbl
- Brent JUN 23-DEC 23 down -0.17$/bbl at 2.52$/bbl
- Brent DEC 23-DEC 24 down -0.45$/bbl at 3.99$/bbl
- WTI FEB 23-MAR 23 down -0.01$/bbl at -0.12$/bbl
- WTI JUN 23-DEC 23 down -0.22$/bbl at 2.46$/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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