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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.
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Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Diesel Cracks Resume Trend Higher on Refinery Outages and Low US Stocks
Diesel cracks have resumed the trend higher after a dip from a peak yesterday with demand concerns still weighing on prices after support from recent refinery outages and low US inventories.
- A plant at Shell’s Pernis refinery was halted on Tuesday night due to an electric motor failure and follows a halt to a 200kbpd CDU last week. TotalEnergies Gonfreville 247kb/d oil refinery in Normandy also halted yesterday with the units impact still unknown.
- EIA data released yesterday showed a fall in distillates weekly implied demand with the four week demand below all years except 2020 from the last five years.
- Data this week showed US distillate stocks 14.4% below the five year average, Singapore Middle Distillates inventories 22.2% below average and European ARA Gasoil stocks holding just above normal.
- US diesel and gasoil exports to Europe in May rose to the highest level since August 2019, as Europe replaced missing Russian imports with US products, while Brazil has been replacing US products with Russian origin supplies.
- US gasoline crack up 0.1$/bbl at 39.27$/bbl
- US ULSD crack up 0.4$/bbl at 31.05$/bbl
- EU Gasoline-Brent up 0.1$/bbl at 21.84$/bbl
- EU Gasoil-Brent up 0.2$/bbl at 18.17$/bbl
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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.