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
Crude inventories at Cushing fell for the seventh week with a draw of 943k this week taking stocks to the lowest since July 2022 at 21.96mbbls amid strong refining and export demand. Stores fell to a low of 21.26m in July 2022.
- Concern for low stocks is supporting WTI relative to Brent with the front month WTI-Brent rallying to a high of -2.88$/bbl following the data.
- Tank storage of below 20mbbls, between 10%- 20% of its 98mbbl of capacity, is close to operational low, below which oil is difficult to remove.
- Brent NOV 23 up 3.1% at 96.86$/bbl
- WTI NOV 23 up 3.8% at 93.82$/bbl
- WTI-Brent up 0.5$/bbl at -3.05$/bbl
Source: EIA / MNI
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