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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
WTI prompt spreads have settled after surging yesterday following the Keystone oil pipeline outage.
- The Jan23-Feb23 spread is hovering around -0.09$/bbl having rallied from -0.28$/bbl up as high as +0.24$/bbl yesterday.
- Any prolonged outage is likely to impact on US crude inventories and potentially limit the recovery in refinery utilisation.
- Weak demand and maintaining supplies have been pressuring spreads to the downside in recent weeks with the prompt falling from about 1.3$/bbl at the end of October. The WTI curve is currently in contango until June 2023.
- Brent FEB 23 up 0.4% at 76.49$/bbl
- WTI JAN 23 up 0.8% at 72$/bbl
- WTI JAN 23-FEB 23 up 0.03$/bbl at -0.09$/bbl
- WTI FEB 23-MAR 23 up 0.02$/bbl at -0.12$/bbl
- WTI JUN 23-DEC 23 up 0.14$/bbl at 1.01$/bbl
- WTI DEC 23-DEC 24 down -0.11$/bbl at 2.65$/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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