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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 backwardation softens further as the front month futures fall through the lows of the week with the weaker than expected US July employment report adding to existing demand concerns.
- Time spreads were already pulling back after seeing brief support earlier this week on rising Middle East tensions. The weakness in time spreads suggests a less tight balance with the risk of a market surplus from weak global demand and rising OPEC+ and non OPEC supply later this year.
- The prompt Brent spread is also trading at the lowest since mid June at $0.47/bbl while the Dec24-Dec25 spread is approaching the lows from July 30 of $3.03/bbl.
- The WTI-Brent front month spread is widening slightly to -$4.25/bbl on the back of the weaker US data after closing to around -$3.9/bbl late last month.
- Next key technical support for Brent Oct24 is at the June 4 low of $76.42/bbl while key WTI Sep24 support is at $72.23/bbl.
- Brent OCT 24 down 1.8% at 78.09$/bbl
- WTI SEP 24 down 2.1% at 74.7$/bbl
- WTI-Brent down 0.09$/bbl at -4.24$/bbl
- Brent OCT 24-NOV 24 down 0.09$/bbl at 0.48$/bbl
- Brent DEC 24-DEC 25 down 0.45$/bbl at 3.09$/bbl
- WTI SEP 24-OCT 24 down 0.05$/bbl at 0.86$/bbl
- WTI DEC 24-DEC 25 down 0.47$/bbl at 3.39$/bbl
Source: Bloomber
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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