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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
European refiners are oversupplied with crude oil for November and December in anticipated of the EU ban on Russian oil from 5 Dec.
- "European refiners seem to have overbought in November and December, probably because of fears around Urals", a source told Reuters.
- Backwardation of prompt and future Brent crude prices narrowed this week, amid better supply in the physical oil market.
- Supply was able to improve in the region as Europe has been replacing Russian oil grades with grades from the Middle East, the US and Latin America, while Asia has been asking for less crude because of an economic slowdown and increased imports of Russian crude.
- Brent JAN 23 down -3.5% at 86.67$/bbl
- WTI DEC 22 down -4% at 78.4$/bbl
- Brent JAN 23-FEB 23 down -0.39$/bbl at 0.57$/bbl
- Brent JUN 23-DEC 23 down -0.39$/bbl at 3.37$/bbl
- Brent DEC 23-DEC 24 down -0.45$/bbl at 4.17$/bbl
- WTI DEC 22-JAN 23 down -0.44$/bbl at -0.2$/bbl
- WTI DEC 22-DEC 23 down -1.94$/bbl at 4.05$/bbl
- WTI DEC 23-DEC 24 down -0.26$/bbl at 3.94$/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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