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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
Prompt crude time spreads continue to weaken with levels to the lowest since April as soft demand and strong Russian exports offset near term tighter supplies. The WTI 1-2 spread is back into contango this week after holding in positive territory since mid April.
- Concern for future oil growth in the US and China is limiting upside pressure while recent EIA data shows US oil product demand for both gasoline and diesel remains weak and at the lower end of the five year range (excluding 2020).
- Crude markets are holding steady today after gains yesterday with optimism that talks can result in a raising of the US debt ceiling and will prevent a default. The longer term time spreads are following the futures market with Dec23-Dec24 slightly stronger so far this week.
- Brent JUL 23 down -0.1% at 76.89$/bbl
- WTI JUN 23 down -0.1% at 72.79$/bbl
- Brent JUL 23-AUG 23 down -0.03$/bbl at 0.12$/bbl
- Brent DEC 23-DEC 24 down -0.01$/bbl at 2.9$/bbl
- WTI JUN 23-JUL 23 down -0.03$/bbl at -0.09$/bbl
- WTI JUN 23-DEC 23 down -0.09$/bbl at 1.41$/bbl
- WTI DEC 23-DEC 24 unchanged at 3.38$/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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