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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.
OIL PRODUCTS
Singapore’s gasoil crack slipped to $22.05 a barrel on Feb. 17, the lowest since March 16 last year as Russian oil products increase in volume towards Asia and Chinese diesel exports remain high.
- The crack is down 43% from its peak so far this year of $38.89 on Jan. 25, and is also 69% below its record high of $71.69 from June last year.
- China is expected to export about 2.4 million tonnes of diesel in February, equivalent to about 643,000 barrels per day according to Refinitiv. January shipments came in around 1.78 million tonnes, while December was around 2.32 million.
- Chinese refining has increased to produce more gasoline for its domestic demand boost post lockdown but its domestic diesel demand has failed to keep pace, pushing higher volumes onto the export market.
- Chinese exports of gasoline have declined as domestic demand recovers. Refinitiv has tracked only about 300,000 tonnes so far in February, well below the 625,000 tonnes in January and December’s 1.9 million tonnes.
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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