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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 OPTIONS
The crude call-put option spreads have bounced from the bearish levels seen last week as call vols have surged amid heightened Middle East risks and expectation of further US stocks draws in EIA data due today.
- The market also remains uncertain whether OPEC will maintain current plans to return some supply from October despite Reuters sources suggesting the JMMC panel is unlikely to make any policy changes at the meeting on Aug 1.
- The second month Brent 25 delta call-put skew has closed from around -3% on July 26 back towards parity at -0.35% today. The WTI put skew has narrowed from -3.95% to -1.15% in the same period.
- The Brent and WTI Dec24 call-put skews are also less bearish despite ongoing concerns for global demand growth, especially in China. The Brent Dec24 skew has narrowed to the least bearish since April at -1.5% today and WTI is back towards levels from early July at -2.9%.
- Brent OCT 24 up 2.8% at 80.26$/bbl
- WTI SEP 24 up 3.1% at 77.04$/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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