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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 ticks back up into positive territory for the day as the market continues to weigh economic and inflationary pressures against an oil demand recovery in China and supply concerns from Russia.
- Crude has gradually moved higher over the last couple of weeks and near term spreads have strengthened on the increased supply risks following the announced cut to Russian production in March.
- The timing of the expected recovery in China’s oil demand remains uncertain but travel data is showing a rebound in activity so far this year.
- The Brent prompt spread is up from 0.12$/bbl on 2 Feb to 0.38$/bbl today. The prompt WTI spreads have been mostly trading in contango since November suggesting ample near term supplies while with US demand remains weak. The Mar23 WTI contract is due for expiry on Tues 21 Feb.
- The front month WTI-Brent spread is holding steady between about -5.8$/bbl and -6.6$/bbl throughout the month so far.
- Brent APR 23 up 0.3% at 85.66$/bbl
- WTI MAR 23 up 0.4% at 78.89$/bbl
- WTI-Brent down -0.04$/bbl at -6.54$/bbl
- Brent APR 23-MAY 23 up 0.05$/bbl at 0.38$/bbl
- Brent JUN 23-DEC 23 up 0.04$/bbl at 2.84$/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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