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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
Vortexa reported on 129mn bbls of global floating crude earlier this week, stationary for at least 7-days – the highest since October 2020.
- It confirmed via its official twitter account that the ~10mn bbls held up at Shandong via customs probes is part of that figure. Both Bloomberg and Reuters reported this week that those volumes have begun releasing after a meeting between officials and refiners.
- It is understood most of the oil stuck is sanctioned barrels from Venezuela and Iran – held up with some mislabeled as a bitumen mixture to try and bypass import quotas.
- ~20mn bbls of Saudi crude has built up of Egypt in recent weeks which has also contributed to the global floating build. It largely remains in place.
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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