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Free AccessDiesel Margins Set to Rebound: Goldman Sachs
Distillate cracks have likely bottomed out and are set to rebound from the latest plunge since early February, Goldman Sachs said in a note, cited by Bloomberg.
- Cracks declined around $10/bbl since early February, but low distillate inventories, strength in gasoline markets, and Asian refining margins near cost-support should benefit the outlook for a rebound, the note said.
- The demand outlook for diesel also looks stronger than for gasoline as air travel continues to rise, while gasoline demand slows with increasing use in electric vehicles.
- Additional upside is expected from a structural bull market in oil tankers that will raise transport costs.
- The bank sees an upside to Dec 2024 ARA gasoil-Brent cracks of around $6/bbl in the base case to $29/bbl vs $23/bbl.
- Gasoil MAR 24 up 0.7% at 835.25$/mt
- ULSD APR 24 up 0.3% at 2.66$/gal
- Gasoil MAR 24-APR 24 down 2.75$/mt at 18$/mt
- Gasoil JUN 24-DEC 24 up 2$/mt at 29.75$/mt
- EU Gasoil-Brent up 0$/bbl at 24.48$/bbl
- US ULSD crack up 0.3$/bbl at 33.49$/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.