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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.
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Free AccessTracking Lower Amid Positive Supply Signs, Key Oil Reports Due This Week
Brent crude (K4) sits just up off session lows, last near $81.60/bbl. We are down 0.60% for Monday trading so far, after a 1.06% fall on Friday. Earlier lows were at $81.35. For WTI (J4), we are down 0.65%, last near $77.50/bbl.
- Demand concerns from both China and the US appear to be near term headwinds in the space. Rising supply is being cited. The OPEC+ alliance pumped 41.21mbpd of oil in February, unchanged in the month. Several members such as Iraq and Kazakhstan continued exceeding their quotas: Platts.
- Iran's oil exports have also reached their highest levels since 2018 (BBG).
- Note though US oil and gas rigs fell by seven on the week to 622, according to Baker Hughes March 8. Oil rigs were down 2 to 504.
- This week we have a number of reports will be in focus, including OPEC's monthly report on Tuesday, the IEA releases its outlook on Thursday. The US EIA is also releasing its short term outlook this week.
- For Brent, we are close to lows for March to date. Support is likely to evident on any further pull backs towards $80/bbl. Recent highs rest at $84.34 (from Mar 1).
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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.