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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
The oil forward curve shapes highlight the concern for US oil demand and tight European diesel supplies.
- The time spreads in crude markets are falling with the WTI curve now in contango out until Jun23-Jul23 suggesting ample near term supplies. The Apr23-Mar23 spread has fallen from -0.08$/bbl on 13 March down to -0.25$/bbl on the back on the global financial risks.
- The Brent curve has flattened however remains in backwardation with Russian supply uncertainty and China demand optimism for later this year still supporting spreads.
- The front of the Gasoil curve however continues to strengthen with the ongoing disruption to French refineries. The Apr23-May23 spread has extended gains so far today from around 30$/mt to 34$/mt.
- Brent MAY 23-JUN 23 down -0.02$/bbl at 0.18$/bbl
- Brent JUN 23-DEC 23 down -0.15$/bbl at 1.02$/bbl
- WTI APR 23-MAY 23 down -0.04$/bbl at -0.23$/bbl
- WTI JUN 23-DEC 23 down -0.07$/bbl at 0.75$/bbl
- Gasoil APR 23-MAY 23 up 1.75$/mt at 33.5$/mt
- Gasoil JUN 23-DEC 23 unchanged at 23.25$/mt
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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