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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
Crude is maintaining the bearish sentiment with front month futures reversing earlier gains to trade negative on the day although still above the lows from last week.
- Crude time spreads also remain weak with the near term in contango until the June 24 contract for both Brent and WTI suggesting ample supplies. The longer dated spreads are still in backwardation but much softer then seen in late November with Brent Jun24-Dec24 down at 0.94$/bbl from around 2.3$/bbl on Nov 30.
- Crude daily traded volumes were yesterday low with aggregate Brent futures at just 0.74k and WTI and 0.62k while Brent options volumes were 122k and WTI options were just 82k.
- Technicals show the bear threat remains intact with the recent bounce considered corrective. The next support for the Brent Feb24 contract is at Jul 6 low of 73.5$/bbl.and WTI Jan24 support is at Dec 7 low of 68.8$/bbl.
- Brent FEB 24 down -0.4% at 75.72$/bbl
- WTI JAN 24 down -0.3% at 71.08$/bbl
- WTI-Brent up 0.05$/bbl at -4.39$/bbl
- Brent FEB 24-MAR 24 down -0.01$/bbl at -0.23$/bbl
- Brent JUN 24-DEC 24 down -0.01$/bbl at 0.93$/bbl
- WTI JAN 24-FEB 24 unchanged at -0.24$/bbl
- WTI JUN 24-DEC 24 up 0.01$/bbl at 1.1$/bbl
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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