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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
December exports of US WTI crude look likely to fall because of record high freight rates and weather-related disruptions to export operations, according to analysis from Argus.
- The cost of shipping light sweet WTI on an Aframax tanker to Europe climbed to the highest ever at $10.18/bl on 18 November, on record-high US crude flows to European refiners as they prepare for the 5 December implementation of the EU's ban on seaborne imports from Russia. Aframax loadings have also been relatively unhindered by disruptions affecting very large crude carrier (VLCC) exports, helping to boost the freight rate.
- Many US traders have been seeking to load crude for export on VLCCs instead of Aframaxes, which are traditionally used to ship oil to Europe, to save on freight costs.
- But loading of VLCCs has been disrupted by bad weather.
- The disruption, combined with strong demand to ship crude on VLCCs, may lead to a backlog of tankers waiting to load at the US Gulf coast as far out as mid-December.
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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