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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
The four week average of total seaborne crude exports from Russia fell by 153kbpd to back below 3mbpd last week according to Bloomberg vessel tracking data.
- Supplies to Europe have fallen significantly in the last couple of weeks before the EU ban on Russian seaborne crude. The four week average to Dec 5 is now showing just 309kbpd down from over 1.5mbpd at the start of 2022. Supply to Rotterdam was down to 95kbpd and to Italy was 52kbpd.
- Crude shipments to China, India and Turkey remained relatively unchanged at an average of 2.45mbpd over the last four weeks. Many tankers are yet to signal their final destination with 750kbpd showing towards Port Said or Suez Canal but are likely to be heading to India. To be covered by International Club insurance, cargoes bought above 60$/bbl will have to be delivered before Jan 19 otherwise other insurance arrangements will need to be put in place.
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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