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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
Tanker-tracking data shows European crude imports from the US Gulf are set to rise to a record in February according to Bloomberg.
- Imports have increased from 1.47mb/d in January to 1.52mb/d in February and to the highest since 2016 when the US lifted the crude export ban.
- A total of 24 tankers carrying about 22.8mbbl of oil arrived into Europe in the first half of Feb with another 23 tankers, hauling 19.8mbbl expected to arrive by the end of the month. Europe is scheduled to receive 11 VLCC in Feb compared to nine in January.
- Total crude export from the US have mostly held well above normal since early 2022 according to EIA data supported by strong demand from Europe. Europe’s move away from Russian crude supplies has supported Brent prices and the wide WTI-Brent spread. The front month WTI-Brent spread averaged -3.02$/bbl in 2021, -5.46$/bbl in 2022 and -5.89$/bbl so far in 2023.
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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