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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
Strong US oil exports are again weighing on physical crude prices in Europe and West Africa according to Bloomberg sources.
- US shipments to Europe are on course to rise by a third from April to at least 2.1mb/d in the first 23 days of this month, based on tanker-tracking data. Shipments are rising with the return of European refineries from seasonal maintenance ahead of the peak demand season.
- The rebound in supply has coincided with a fall in WTI Midland to the lowest level in more than a year. North Sea Forties crude is also down nearly $1/bbl in the last week.
- Caspian CPC Blend and Azeri Light in the Mediterranean are weakening while Nigerian crude volumes are still yet to find buyers.
- Narrowing diesel margins are limiting the price of crude purchase by refiners as well as weighing on Asian markets.
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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