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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
Brent time spreads are holding steady today amid healthy global supplies despite the gains in the front month futures driven by rising risks from Red Sea shipping disruption.
- Crude futures are supported by rising tensions in the Middle East offsetting the concern for global demand and a strong US dollar today.
- Strong global supplies are keeping the near term spread subdued with the prompt WTI spread still in contango and the Brent spread holding a narrow backwardation. US production is helping boost non-OPEC output while Russian crude exports finished 2023 at the highest since early November despite pledged cuts.
- The longer term Jun24-Dec24 spreads are holding steady after recovering back near to levels seen in November after falling to the lowest since 2021 in mid Dec.
- Brent MAR 24 up 1.7% at 78.32$/bbl
- WTI FEB 24 up 1.7% at 72.87$/bbl
- WTI-Brent down -0.05$/bbl at -5.25$/bbl
- Brent MAR 24-APR 24 unchanged at 0.13$/bbl
- Brent JUN 24-DEC 24 up 0.04$/bbl at 1.68$/bbl
- WTI FEB 24-MAR 24 down -0.01$/bbl at -0.2$/bbl
- WTI JUN 24-DEC 24 up 0.02$/bbl at 1.84$/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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