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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 time spreads are softening slightly today after reaching the strongest backwardation since late April on Friday. Front month Brent futures are trading between $84.7/bbl and $85.7/bbl so far today and holding onto the gains seen so far this month.
- The strong backwardation reflects the market sentiment expecting a tighter balance over the summer amid ongoing OPEC production cuts and a potential summer boost to fuel demand despite the disappointing early summer demand data.
- Brent crude fund net long positioning is also rising again after the decline seen in early June but remains well below the bullish levels seen in April.
- On Friday, time spreads rose to the highest since late April with the prompt up to $0.94/bbl and Dec24-DCec25 up to $5.22/bbl.
- Ongoing Middle East tensions and an expected Atlantic hurricane season are added upside price risks although the pace of future growth in key demand regions of US and China remains uncertain.
- Brent AUG 24 up 0.2% at 85.43$/bbl
- WTI AUG 24 up 0.3% at 80.98$/bbl
- Brent AUG 24-SEP 24 down 0.07$/bbl at 0.84$/bbl
- Brent DEC 24-DEC 25 down 0.12$/bbl at 4.88$/bbl
- WTI AUG 24-SEP 24 down 0.02$/bbl at 0.75$/bbl
- WTI DEC 24-DEC 25 down 0.06$/bbl at 5.24$/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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