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OIL PRODUCTS
Diesel and gasoline markets are drifting slightly lower today but are maintaining most of the recent gains with support from tighter supplies amid Russian refinery outages due to drone attacks.
- Current outages due to the attacks are reducing gasoline supply by around 150kbpd and diesel supply by around 190kbpd according to JP Morgan.
- Planned and unplanned Europe refinery outages are also supporting prices with the Gasoil time spreads strengthening suggesting tighter market conditions. The near term spread are recovering some ground after pulling back during February and early March. The Gasoil Jun24-Dec24 spread is the highest since Feb. 15.
- The return of US refineries from heavy outages in Feb provides downside pressure to crack spreads. However, US inventories of both gasoline and distillates remain below normal and are expected to fall again in EIA data this week.
- US gasoline crack down 0$/bbl at 32.28$/bbl
- US ULSD crack down 0.4$/bbl at 33.3$/bbl
- Gasoil APR 24-MAY 24 down 1.25$/mt at 14.5$/mt
- Gasoil JUN 24-DEC 24 down 0.75$/mt at 35.5$/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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