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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 curve backwardation is strengthening again this week as the front month futures are regaining some ground after the initial sharp decline at the start of the week. The curve softened in reaction to the OPEC group decision to return some voluntary cuts back to the market gradually from October.
- Optimism for US Fed rate cuts in September have been supportive this week while OPEC members have stressed that policy remains flexible and their plans could be adjusted if there looks to be excess supply. OPEC sees robust oil demand growth with the last MOMR showing an increase of 2.2mb/d in 2024, higher than forecasts from other agencies.
- The Brent prompt time spread has recovered to $0.37/bbl and just below levels seen in mid May after falling to near parity on Jun 4 following the OPEC meeting.
- The Dec24-Dec25 spread has also regained some ground from $2.32 to $4.03/bbl but remains below the late May high of $4.86/bbl.
- Brent AUG 24 up 0.5% at 80.25$/bbl
- WTI JUL 24 up 0.5% at 75.95$/bbl
- Brent AUG 24-SEP 24 up 0.01$/bbl at 0.38$/bbl
- Brent DEC 24-DEC 25 up 0.09$/bbl at 3.81$/bbl
- WTI JUL 24-AUG 24 up 0.01$/bbl at 0.32$/bbl
- WTI DEC 24-DEC 25 up 0.08$/bbl at 4.02$/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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