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
Near term crude curve backwardation has softened with better than expected non-OPEC supplies and OPEC+ production cuts failing to provide much support. The Feb24-Mar24 Brent spread is holding steady in narrow contango after falling yesterday while the WTI prompt spread is still near the widest in nine months.
OPEC+ cuts have failed to support markets amid uncertainty over future member compliance and with building spare capacity.
- US exports have held strong in recent weeks as end of year tax requirements encourage suppliers to minimise inventories as much as possible before the new year. US crude export have averaged around 4.85mbpd since mid October and holding above the previous five year range according to EIA weekly data.
- Front month futures are today seeing some support, but prices remain within yesterday’s trading range. Technicals suggest the trend direction remains down with key Brent support at the Nov 16 low of 76.71$/bbl.
- Brent FEB 24 up 0.3% at 78.27$/bbl
- WTI JAN 24 up 0.3% at 73.27$/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok