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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
Diesel and gasoline cracks are slightly softer today as tight supplies are balanced against demand concerns.
- Diesel cracks spreads have rallied strongly since mid September with tight supplies and low stocks ahead of the northern hemisphere winter heating season and despite economic growth concerns. Refinery maintenance season and disruption due to the French refinery strikes have added to the tight supply picture. Gasoline cracks are slightly softer with higher stocks levels after the weak demand over the summer.
- EIA weekly inventory data yesterday showed a build in gasoline and a draw in diesel stocks. US diesel stocks have fallen to the lowest since May 2022 and are nearly 24% below the five year average. European diesel stocks also saw a fall yesterday with Insights Global data showing ARA Gasoil stocks down 190k tons to 1651k tons and 37.5% below normal.
- EIA data yesterday showed implied demand for gasoline fall to the lowest seasonal level since 2020 largely due to the disruption caused by Hurricane Ian in Florida.
- US gasoline crack down -0.9$/bbl at 23.53$/bbl
- US ULSD crack down -1$/bbl at 81.36$/bbl
- EU Gasoline-Brent down -0.9$/bbl at 5.49$/bbl
- EU Gasoil-Brent down -1.5$/bbl at 45.71$/bbl
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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