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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
Crude ticks slightly higher after the release of the updated EIA inventory data.
- Crude stock build was slightly higher than expected as production remained unchanged with strong exports, higher refinery runs and a dip in imports.
- Refining utilization recovered with a reduction in outages and the restart of BP Whiting.
- Gasoline and distillate 4-week rolling implied demand fell below 2020 levels. Diesel and gasoline cracks are relatively unchanged after distillates showed a big stock build and lower demand.
- Gasoline and diesel both saw a dip in exports although still at high levels, but this was more than offset by a fall in gasoline imports.
- Brent NOV 22 up 1.6% at 94.62$/bbl
- WTI OCT 22 up 1.9% at 88.97$/bbl,
- WTI-Brent up 0.17$/bbl at -6.14$/bbl
- US gasoline crack up 0.5$/bbl at 17.35$/bbl
- US ULSD crack down -6.7$/bbl at 54.62$/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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