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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
Four-week average seaborne oil shipments out of Russia, fell for the first time in six weeks in the period to May 28, slipping to 3.64 million barrels a day according to Bloomberg vessel tracking.
- They remain 270,000 bpd higher than Feb – the basis for the 500kbd voluntary cut.
- Vortexa reported a drop off around 300kbd in May 1-20, versus full month April levels. They said the drop is important because it marks the first-time volumes have fallen since Russia’s 500kbd cut was announced.
- Russian refineries have cut their crude processing in May. Runs fell to 5.24 million barrels a day on average from May 1 to 24, their lowest level in a year according to Bloomberg.
- Lower refinery runs are pushing higher crude volumes onto the export market but still fall short of providing the evidence for full 500 kbd Russian oil production cuts – claimed by Russian officials.
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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