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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 crack spreads are gaining ground again today after rising last week amid wider market support from shipping risks in the Red Sea. Uncertainty over future demand continues to weigh on prices although falling US pump prices and signals from the US Fed for cuts in 2024 could support consumption.
- US gasoline demand in the week to Dec 16 rose 2.0% from the prior week and was 1.3% above the four week average according to GasBuddy.
- The national average price of gasoline is now the lowest level since June 2021 at 3.04$/gal while diesel is below 4$/gal for the first time since July at 3.985$/gal.
- Chinese diesel exports last month fell by 44.9% on the year to 1.16mn tons, but up from 1.11mn tons in October, data from the General Administration of Customs showed. November gasoline exports declined by 40% on the year to 890k tons, down from 1.09mn tons in October.
- US gasoline crack up 0.3$/bbl at 18.25$/bbl
- US ULSD crack up 1.1$/bbl at 39.66$/bbl
- EU Gasoline-Brent up 0.2$/bbl at 10.28$/bbl
- EU Gasoil-Brent up 0.9$/bbl at 25.75$/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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