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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
US and European refining margins have regained a little ground today but are still only just above recent lows. Near term Gasoil backwardation has flattened significantly in recent weeks with the Jul to Sep spreads shifting into contango.
- Weak demand, returning refinery output and crude support due to OPEC cuts is weighing on the spreads with the US 321 crack down from a high of 41.9$/bbl in mid March to 28.9$/bbl.
- US refiners have gradually returned from maintenance, French refiners have returned following strike outages and refiners in India and new Middle East refineries have increased output. Russian run rates have only dipped slightly despite maintenance and crude production cut targets.
- Diesel crack spreads are just up from the lowest since March 2022 seen earlier today.
- US 321 crack down 0$/bbl at 28.91$/bbl
- US gasoline crack down -0.2$/bbl at 29.92$/bbl
- US ULSD crack up 0.4$/bbl at 26.89$/bbl
- EU Gasoline-Brent up 0.5$/bbl at 16.41$/bbl
- EU Gasoil-Brent up 0.7$/bbl at 15.74$/bbl
- Gasoil MAY 23-JUN 23 down -0.25$/mt at 2$/mt
- Gasoil JUN 23-JUL 23 unchanged at 0.75$/mt
- Gasoil JUN 23-DEC 23 up 0.5$/mt at 5.5$/mt
Source: Bloomberg
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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