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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
China’s refined oil export profits have moved into negative territory, according to OilChem, driven by declining Asian gasoline prices and rising US inventories.
- As of Dec. 15, exporting gasoline from China averaged a 15.3 y/t loss, with gasoil an even larger 50.3 y/t loss. Profits are down 102.7% and 122.5% respectively compared to Dec. 1.
- China’s domestic prices have shown more resilience than in export markets, with local gasoline prices down 1% since Dec. 1.
- A falling US gasoline crack and higher US inventories have put pressure on gasoline export prices.
- Gasoil markets have seen pressure due to weaker demand in Europe, a milder winter, growing economic concerns, and subdued fundamentals in Asia. This has pushed down Singapore’s price by 3% since the start of Dec.
- Gasoline and gasoil demand in Asia is expected to remain sluggish in the near term, with demand in China also expected to stay flat.
Source: OilChem
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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