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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
The WTI discount to Brent is the narrowest since Sept. 30 after EIA data yesterday showed Cushing stocks falling below the seasonal five year range lows.
- Cushing stocks are just above the low of 22.71mbbl seen in mid September and the lowest for the time of year since 2007.
- A decline of 1.3mbbls on the week was driven by lower US imports of Canadian crude, according to Bloomberg.
- The WTI-Brent is today trading at -$3.65/bbl having gradually narrowed from around -$5.2/bbl at the start of the year.
- Low inventories at Cushing also added support to the prompt WTI spread to the highest since Nov. 25 yesterday and holding steady around $0.44/bbl today.
- Brent FEB 25 down 0.1% at 73.46$/bbl
- WTI JAN 25 down 0.1% at 70.24$/bbl
- WTI-Brent up 0.04$/bbl at -3.65$/bbl
- WTI JAN 25-FEB 25 up 0.03$/bbl at 0.45$/bbl
- WTI JUN 25-DEC 25 up 0.01$/bbl at 1.39$/bbl
Source: MNI / EIA
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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