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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
Brent aggregate open interest has steadied this week after the decline seen the previous week while the increasing trend in WTI open interest pauses. The pause comes as crude futures prices have edged higher this week with focus on a possible extension to OPEC+ output cuts into Q3 and improved demand sentiment as Middle East ceasefire negotiations continue.
- ICE Brent aggregate open interest was yesterday at 2.315m compared to 2.295m a week ago. WTI was down very slightly from a high of 1.854m on May 6 to 1.821m yesterday. Crude trading volumes were strong mid week but fell below normal yesterday with just 0.89m Brent futures and 148k options on the day. WTI volumes were also light with aggregate futures of 0.75m and options of 96k.
- ICE Gasoil open interest has also drifted down slightly from the highest since November 2021 in late April to 0.842m. Gasoil traded volumes have averaged near normal levels at 323k this week since the lower levels seen due to the UK holiday on Monday.
- Nymex RBOB aggregate open interest is unchanged around 0.405m with traded volumes up on the week to average 240k since May 8.
- Brent JUL 24 up 0.3% at 84.15$/bbl
- WTI JUN 24 up 0.5% at 79.67$/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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