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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
Asia’s diesel cracks are under pressure amid a supply glut, according to Reuters.
- Cracks are hovering just above the eight-month low reached March 13 as stockpiles rise in Singapore.
- The crack could fall further as additional cargoes look set to head to Asia rather than west of Suez.
- Attacks on vessels in the Red Sea have caused diversions around the Cape of Good Hope and cut the number of volumes headed from Asia to Europe. This has been compounded by declining European demand.
- The East-West diesel arbitrage remains firmly shut with just 140k mt of middle distillates exported from East Asia westwards in February.
- India is instead sending cargoes to Asia. Meanwhile, China is boosting exports, causing a build in Singapore.
- Upcoming refining maintenance season in Asia may help give some support to cracks, Reuters said. However, it may not curtail enough supply to offset the downward pressure.
Source: Reuters
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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