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OIL
Crude time spreads continue to pull back from the rally yesterday as Brent front month futures ease lower but still hold above the levels seen before the Saudi production cut yesterday.
- The prompt Brent spread is back down to the levels seen at the end of last week but the curve remains in strong backwardation due to the tight supplies and possible further inventory drawdown this year.
- The Dec23-Dec24 spread has maintained stronger than the prompt and not far below the highs from yesterday of 6.98$/bbl.
- Crude traded volumes are steady today after the spike up to 1.42m contracts yesterday after low volumes seen on Monday due to the US holiday.
- Brent implied volatility has risen from the lows of below 25% at the end of August up to 28.9% today. WTI implied volatility is up to 27.3%.
- Brent NOV 23 down -0.6% at 89.47$/bbl
- WTI OCT 23 down -0.5% at 86.24$/bbl
- WTI-Brent up 0.14$/bbl at -3.88$/bbl
- Brent NOV 23-DEC 23 down -0.06$/bbl at 0.63$/bbl
- Brent DEC 23-DEC 24 down -0.22$/bbl at 6.63$/bbl
- WTI OCT 23-NOV 23 down -0.04$/bbl at 0.64$/bbl
- WTI DEC 23-DEC 24 down -0.13$/bbl at 7.15$/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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