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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
Crude prompt spreads continue to press higher as Gasoil spreads remain stable.
- The front Brent spread has rallied from a low of 2.65$/bbl a week ago up to 4.08$/bbl while the 2-3 spreads has traded as high as 3.18$/bbl this morning.
- The longer dated spreads remain more stable with economic concerns still hanging over the outright oil markets. However, the upside risk of further supply disruption remains with the EU sanctions on Russia taking effect at the end of the year.
- Gasoil time spreads remain relatively unchanged with backwardation in refined product markets still steeper than in crude despite the rally in crude spreads.
- Brent AUG 22 up 0.3% at 113.51$/bbl
- WTI AUG 22 up 0.1% at 107.78$/bbl
- Brent AUG 22-SEP 22 up 0.05$/bbl at 4.07$/bbl
- Brent SEP 22-OCT 22 up 0.12$/bbl at 3.13$/bbl
- Brent DEC 22-DEC 23 down -0.07$/bbl at 11.94$/bbl
- WTI AUG 22-SEP 22 down -0.02$/bbl at 3.15$/bbl
- WTI SEP 22-OCT 22 up 0.05$/bbl at 3.03$/bbl
- WTI DEC 22-DEC 23 down -0.05$/bbl at 12.45$/bbl
- Gasoil JUL 22-AUG 22 down -1.75$/mt at 43.25$/mt
- Gasoil DEC 22-DEC 23 down -1$/mt at 223.25$/mt
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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