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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 futures are edging higher again today but time spreads have softened slightly after a strong rally so far this week. Rising geopolitical risks and the expectation of a market deficit in Q2 are supportive with focus on OPEC’s JMMC meeting and US petroleum inventory data due today.
- The Brent prompt spread time spread yesterday reached the highest since late February while the WTI spread was the highest since October.
- The steeper backwardation this week is also reflected in the Jun24-Dec24 spread although the Brent spread has drifted back from a high of 5.5$/bbl yesterday to 5.23$/bbl.
- Technicals show the bull cycle remains in play with first Brent Jun24 resistance at 89.76$/bbl and WTI at 85.73$/bbl.
- Brent JUN 24 up 0.4% at 89.27$/bbl
- WTI MAY 24 up 0.3% at 85.42$/bbl
- WTI-Brent up 0.01$/bbl at -4.71$/bbl
- Brent JUN 24-JUL 24 down 0.05$/bbl at 0.98$/bbl
- Brent JUN 24-DEC 24 down 0.11$/bbl at 5.26$/bbl
- WTI MAY 24-JUN 24 down 0.06$/bbl at 0.87$/bbl
- WTI JUN 24-DEC 24 down 0.07$/bbl at 5.38$/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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