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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 PRODUCTS
Asian refiners would prefer to see OPEC+ rollover its production cuts into H2 as it prioritises oil prices and stronger crack spreads over crude supply security, Platts said.
- Neither the ongoing OPEC+ voluntary cuts, nor geopolitical tensions in the Middle East have affected crude or feedstock supplies in the region.
- China and India’s imports of Russian crudes has also left ample supply of Persian Gulf barrels for other Asian importers.
- The preference for Asian refiners is for OPEC+ to maintain current output cuts: any surprises that could cause a sharp change in oil prices could hit either margins or demand, Platts said.
- Demand in the region has been tepid, led by lukewarm economic activity on the continent.
- This has put pressure on the region’s product cracks, with FOB Singapore 10ppm sulphur gasoil cracks versus Dubai crude at $14.49/b May 29, compared to an average of $16.83/b in April.
Source: S&P Global Commodity Insights
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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