Free Trial
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.
OIL
Brent time spreads are holding ground today after trending lower for most of the month so far.
- Most of the softening has been seen at the front of the curve driven by China and global demand and Russian supplies. The front spread has fallen from 1.95$/bbl at the start of November down to around flat.
- China is expected to show weak demand due to spreading covid restrictions and Russian crude exports are holding up greater than expected ahead of the EU ban. The discussion of an oil price cap potentially higher than the current Urals price has also boosted the prospect of a smaller decline in Russian supply into next year than many have forecast.
- The Dec23-Dec24 spread has fallen from 6.44$/bbl on Nov 7 down to around 4$/bbl and the Jun23-Dec23 spread has fallen from 4.96$/bbl to 2.85$/bbl in the same time period.
- Brent JAN 23 up 1.4% at 86.51$/bbl
- WTI JAN 23 up 1.9% at 79.43$/bbl
- Brent JAN 23-FEB 23 unchanged at 0.1$/bbl
- Brent FEB 23-MAR 23 up 0.1$/bbl at 0.24$/bbl
- Brent JUN 23-DEC 23 up 0.14$/bbl at 2.94$/bbl
- Brent DEC 23-DEC 24 up 0.18$/bbl at 4.15$/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok