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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
The crude markets have faced three key supply disruptions this week because of BTC crude, Johan Sverdrup and CPC crude loadings coming off the market.
- BP has halted exports of mostly Azeri crude from a Turkish port in the Mediterranean Sea, wiping out roughly 600,000 barrels a day of shipments. The return is unclear.
- The port also handles Iraqi and Kurdistan crude.
- Unplanned maintenance at the Tengiz field has knocked 10% of Kazakhstani production for the past week - again the duration is unclear.
- Johan Sverdrup in the North Sea also faced maintenance disruption on Phase 2 of the project but is now returning to production.
- Despite volumes coming off the market, crude prices have fallen off late in the week indicating a well-supplied market.
- Brent APR 23 down -1.2% at 84.08$/bbl
- WTI MAR 23 down -1.3% at 77.43$/bbl
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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