MNI China Daily Summary: Tuesday, January 31

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MNI China Daily Summary: Tuesday, January 31

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MNI: UK DEC MORTGAGE APPLICATIONS 35,600 VS 46,200 NOV

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Prompt Brent Spread Moves Back into Contango

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Crude futures and spreads extend today’s pull back with prompt spreads back into contango.

  • Brent crude has pulled back after failing to reach the technical resistance at the 1 Dec high of 89.18$/bbl. Brent reached 88.70$/bbl earlier today before falling lower.
  • The prompt Brent spread is back trading negative having only move positive in trading early yesterday.
    • Brent MAR 23 down -1.6% at 86.78$/bbl
    • WTI MAR 23 down -1.5% at 80.37$/bbl
    • WTI-Brent up 0.04$/bbl at -6.39$/bbl
    • Brent MAR 23-APR 23 down -0.07$/bbl at -0.04$/bbl
    • Brent APR 23-MAY 23 down -0.04$/bbl at 0.15$/bbl
    • Brent JUN 23-DEC 23 down -0.17$/bbl at 2.87$/bbl
    • Brent DEC 23-DEC 24 down -0.06$/bbl at 5.33$/bbl
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Crude futures and spreads extend today’s pull back with prompt spreads back into contango.

  • Brent crude has pulled back after failing to reach the technical resistance at the 1 Dec high of 89.18$/bbl. Brent reached 88.70$/bbl earlier today before falling lower.
  • The prompt Brent spread is back trading negative having only move positive in trading early yesterday.
    • Brent MAR 23 down -1.6% at 86.78$/bbl
    • WTI MAR 23 down -1.5% at 80.37$/bbl
    • WTI-Brent up 0.04$/bbl at -6.39$/bbl
    • Brent MAR 23-APR 23 down -0.07$/bbl at -0.04$/bbl
    • Brent APR 23-MAY 23 down -0.04$/bbl at 0.15$/bbl
    • Brent JUN 23-DEC 23 down -0.17$/bbl at 2.87$/bbl
    • Brent DEC 23-DEC 24 down -0.06$/bbl at 5.33$/bbl