© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: Japan's Oct Trimmed Mean Rises 3.0% Vs. Sept 3.4%

PBOC Injects Net CNY96 Bln Tues; Rates Unchanged

CHINA PBOC INJECTS CNY415 BILLION VIA 7-DAY REVERSE REPOS TUES

UK Timeline of Key Events (All Times in GMT)

Eurozone Timeline of Key Events (UK Time)

MNI: UK NOV BRC SHOP PRICES +0% M/M, +4.3% Y/Y

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Diesel Extends Decline on Demand Concern and Potential Russia Supply

DIESEL
BulletEnergy BulletsHomepageCommodities

Diesel markets are seeing further downward pressure today amid speculation that the Russian fuel export ban could be eased soon after Novak comments yesterday that Russian market is well supplied now. Front month Gasoil has fallen from over 1000$/mt to 880$/mt so far this month and the lowest since the start of August.

  • The wider oil market correction has added to the bearish pressure ahead of the US payroll data due tomorrow, with economic concerns and potential future central bank rate hikes limiting demand growth expectations.
  • The US front month diesel crack has fallen from about 48.9$/bbl on 2 Sep to 40.3$/bbl today.
  • Gasoil backwardation is also softening with the prompt time spread and Dec23-Dec24 spread down to the lowest in about a month.
    • Gasoil OCT 23 down -4.3% at 880$/mt
    • ULSD NOV 23 down -1.8% at 2.96$/gal
    • Gasoil OCT 23-NOV 23 down -4.75$/mt at 20.75$/mt
    • Gasoil DEC 23-DEC 24 down -11.75$/mt at 80$/mt
    • EU Gasoil-Brent down -1.8$/bbl at 25.95$/bbl
    • US ULSD crack down -2.3$/bbl at 40.23$/bbl
161 words

To read the full story

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.

Diesel markets are seeing further downward pressure today amid speculation that the Russian fuel export ban could be eased soon after Novak comments yesterday that Russian market is well supplied now. Front month Gasoil has fallen from over 1000$/mt to 880$/mt so far this month and the lowest since the start of August.

  • The wider oil market correction has added to the bearish pressure ahead of the US payroll data due tomorrow, with economic concerns and potential future central bank rate hikes limiting demand growth expectations.
  • The US front month diesel crack has fallen from about 48.9$/bbl on 2 Sep to 40.3$/bbl today.
  • Gasoil backwardation is also softening with the prompt time spread and Dec23-Dec24 spread down to the lowest in about a month.
    • Gasoil OCT 23 down -4.3% at 880$/mt
    • ULSD NOV 23 down -1.8% at 2.96$/gal
    • Gasoil OCT 23-NOV 23 down -4.75$/mt at 20.75$/mt
    • Gasoil DEC 23-DEC 24 down -11.75$/mt at 80$/mt
    • EU Gasoil-Brent down -1.8$/bbl at 25.95$/bbl
    • US ULSD crack down -2.3$/bbl at 40.23$/bbl