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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.
ENERGY
- Later today the EIA will publish its May data on US oil production in the Petroleum Supply Monthly report. April crude production was at 11.628mbpd and the EIA STEO report estimated May at 11.743mbpd.
- The latest Baker Hughes rig count data is due for release at 18:00BST. The gradual increase in rig counts is expected to continue with an increase in oil rigs to 603. Last week the oil rig count was at 599 and gas rigs count was 155. Rigs counts have been increasing since late 2020 and both gas and oil production are slowly following the trend over the same time period.
- The ICE and Nymex commitment of traders reports will be released after the close today at 18:30BST and 15:30EST. Crude oil managed money net longs have recovered slightly after seeing the lowest levels in about 18 months. Bullish bets on Nymex Brent and ICE WTI are however still low due to recessionary risks and as high fuel pump prices are impacting demand.
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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