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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
Premiums for near term WTI will continue their rally unless Cushing stocks see substantial builds, according to Bloomberg.
- 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. The operational low is around 20m bbl.
- The last time stocks were at this low a level in July 20222 when WTI futures were trading above $100/b.
- WTI’s prompt backwardation spread, has risen to its widest since June 2022, as storage falls to near its operational minimums.
- In current conditions with more Saudi Arabia and Russian tapering their output, supplies are tightening and Cushing stockpiles may further deplete, providing more support to prices.
- WTI NOV 23 up 3.7% at 93.73$/bbl
- WTI NOV 23-DEC 23 up 0.72$/bbl at 2.33$/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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