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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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MNI POLITICAL RISK - Trump Tariffs Initiate Talks With Mexico
Diesel Cracks Steady as Flows Shift After Russia Sanctions
European product inventories are holding above normal and helping to limit market price upside moves. Europe has increased diesel supply from Middle East and Asia to offset the missing Russian supplies due to sanctions implemented on 5 Feb.
- Diesel spreads are steady today having seen a rally over the last week due to the current refinery maintenance seasons, the expectation of reduced exports from China in March and ongoing uncertainty over Russian product supply to the global market.
- ARA diesel stocks yesterday showed Gasoil stocks dropping slightly in the week but still about 8% above the five year average.
- Imports of diesel from Russia into NW Europe fell from an average of 389kb/d between Oct 2021 and Sep 2022 to 18kb/d in Feb 2023 following the European sanctions on Russian supplies according to Vortexa.
- Saudi Arabia imports increased from 68k b/d from Oct 2021 through Sep 2022 to 202kb/d in Feb 2023. India increased by 110kb/d, China increased to 119kb/d, and South Korea to 45k b/d.
- US gasoline crack down -0.1$/bbl at 35.08$/bbl
- US ULSD crack down -0.2$/bbl at 41.9$/bbl
- EU Gasoline-Brent down -0.7$/bbl at 17.11$/bbl
- EU Gasoil-Brent down -0.1$/bbl at 25.31$/bbl
To read the full story
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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.