Free Trial

Crude Trending Higher With Tighter Supplies

OIL

Volatile crude prices continue to trend higher on the tighter global supplies following the OPEC+ production cut for Nov and Dec announce earlier in the week.

  • Brent front month has bounced between 95$/bbl and 96.25$/bbl following the updated US payrolls data which came in close to estimates.
  • Moves have been relatively muted following the OPEC news with markets still concerned for a future recession and related oil demand growth.
  • Crude time spreads have ticked slightly higher today but remain below levels seen earlier in the week.
    • Brent DEC 22 up 1.7% at 96.03$/bbl
    • WTI NOV 22 up 2% at 90.26$/bbl
    • WTI-Brent up 0.06$/bbl at -6.71$/bbl
    • Brent DEC 22-JAN 23 up 0.1$/bbl at 1.85$/bbl
    • Brent JAN 23-FEB 23 up 0.11$/bbl at 1.83$/bbl
    • Brent DEC 22-DEC 23 up 0.48$/bbl at 12.53$/bbl

To read the full story

Close

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.