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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
Russia’s oil inventories fell to their lowest level in nine months amid strong domestic and export demand for oil, according to Bloomberg.
- Volumes stored in reservoirs operated by Russian crude producers fell to 1.31m mt Nov. 10, equivalent to around 9.61m bbl, the lowest since Feb. 1.
- Russia does not have large commercial or strategic crude inventories, so the reservoirs are designed for short-term storage, making the stocks reflective of current demand.
- “The domestic refining system [in Russia] is pulling crude as it prepares to ratchet up runs to 5.7m-5.8m b/d next month,” according to Viktor Katona, head crude analyst at Kpler.
- “Oil exporters are seeking to exploit India’s return to the oil markets after several months of turnarounds,” Katona added.
- Russia’s four-week average crude export shipments were also near a four-month high based on data up to Nov. 5, Bloomberg said.
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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