Free Trial
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 futures and time spread ease lower as weak global demand is weighed against potential China stimulus, OPEC production cuts, strong recent demand in India and US plans to start refilling strategic reserves.
- The prompt Brent spread has joined the WTI prompt spread in contango having fallen from a high of 0.13$/bbl on 14 June down to -0.05$/bbl today.
- WTI-Brent spread continues to trend lower driven by US economic concerns and with building crude stocks at Cushing.
- The technicals suggest a bear threat in Brent futures remains present with yesterday’s bounced considered corrective. Aug Brent technical support is at the 31 May low of 71.5$/bbl with resistance at 72.67$/bbl.
- Brent AUG 23 down -0.7% at 75.17$/bbl
- WTI JUL 23 down -0.8% at 70.04$/bbl
- WTI-Brent down -0.07$/bbl at -4.9$/bbl
- Brent AUG 23-SEP 23 down -0.06$/bbl at -0.05$/bbl
- Brent DEC 23-DEC 24 down -0.13$/bbl at 2.93$/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok