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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
EIA lower their forecast for the 2023 average Brent price to 92$/bbl down from the previous estimate of 95$/bbl due to a contracting US economy in Q4 2022 and Q1 2023. Russian production following the EU ban and price cap adds uncertainty with Russian exports expected to fall next year.
- The EIA raised the forecast for 2023 global oil inventories in the December Short-Term Energy Outlook release yesterday. They increased the outlook by 0.2mbbls after expecting a drop of 0.3mbbls in the November release. They expect inventories of 2.82bn barrels at end of 2023, up from its November forecast of 2.75bn barrels.
- The report raised the estimate of US 2023 oil production to 12.34mbpd, up from 12.31mbpd last month.
- Refinery utilization is forecast to remain near its five-year average through 2023. Distillate margins are expected to fall due to a slight contraction in the US economy and refinery maximization of distillate fuel production.
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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