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DIESEL
European Gasoil backwardation has strengthened slightly since the time spreads reached a low on about Nov 10 amid low stocks in Europe and US and with tight supplies ahead of a drop in European temperatures.
- The prompt spread has recovered from a low of around 10$/mt back to 18$/mt today but remain down from the levels over 35$/mt in earlier November.
- The longer term time spreads have followed a similar pattern with Dec23-Dec24 spread recovering from 44.5$/mt on Nov 9 to 69$/mt.
- Diesel crack spreads have also seen some support this month after the declines seen during September and October.
- US stocks this week again followed the seasonal draw to the lowest since May 2022 and still 13.5% below the five year average. Middle Eastern diesel exports to Europe last months fell to the lowest in eleven months amid refinery outages.
- Singapore Middle Distillates Stocks were however this week holding steady just below the five year average after building in early November.
- Gasoil DEC 23 up 0.5% at 825.25$/mt
- ULSD DEC 23 down -0.9% at 2.86$/gal
- Gasoil DEC 23-JAN 24 unchanged at 18.25$/mt
- Gasoil DEC 23-DEC 24 down -3$/mt at 71.5$/mt
- EU Gasoil-Brent up 0.8$/bbl at 27.8$/bbl
- US ULSD crack up 1.1$/bbl at 41.59$/bbl
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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