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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.
OIL PRODUCTS
Diesel time spreads continue to fall driven by weak demand and steady supplies with the gradual return of refineries and maintaining Russian output.
- The Gasoil Sep-Oct spread has moved into narrow contango this week suggesting ample supplies. The prompt spread is also weaker falling to 3.5$/mt from about 14.5$/mt at the start of the month.
- Economic concerns for weaker industrial activity and reduced consumer spending are driving longer dated spreads lower. June23-Dec23 is the lowest since the start of 2022 while Dec23-Dec24 is drifting down towards the lows seen in March.
- The NY Harbour ULSD prompt spread is also falling back towards recent lows and just above parity at around 0.021$/gal.
- Gasoil MAY 23 down -0.3% at 755$/mt
- Gasoil MAY 23-JUN 23 down -1.25$/mt at 3.75$/mt
- Gasoil SEP 23-OCT 23 down -0.25$/mt at -0.5$/mt
- Gasoil JUN 23-DEC 23 down -1.5$/mt at 12.5$/mt
- Gasoil DEC 23-DEC 24 up 0.25$/mt at 31.75$/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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