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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
Diesel cracks saw some support yesterday on tighter supply concerns after drifting lower over the previous week amid soft demand. EIA this week showed the four week average implied distillates demand was still below the previous five year range despite a small gain on the week.
- Gasoil time spreads are also reflecting tighter supplies with the prompt spread holding just below the highs seen earlier in Jan while the Jun24-Dec24 spread has rallied since mid Dec to the highest since October.
- European imports of diesel are expected to decline well below 2023 levels in the first half of February to 450kbpd according to Vortexa amid tanker delays due to the diversion away from the Red Sea.
- US Gulf Coast diesel exports to Europe are however on track for a Jan record with 300kbpd so far this month according to Kpler to help cover for declining supply from the Middle East.
- European refinery maintenance for the first half of 2024 will peak at 1.18mbpd in April according to an Energy Aspect forecast.
- Data this week showed US distillate stocks 4% below the five year average, European ARA Gasoil stocks 24.2% below and Singapore Middle Distillates inventories 36.4% below average.
- Gasoil FEB 24 up 1.2% at 840.5$/mt
- ULSD FEB 24 down -0.5% at 2.78$/gal
- Gasoil FEB 24-MAR 24 up 1.75$/mt at 18.5$/mt
- Gasoil JUN 24-DEC 24 up 0.75$/mt at 23.25$/mt
- EU Gasoil-Brent down -0.3$/bbl at 28.21$/bbl
- US ULSD crack down -0.1$/bbl at 38.73$/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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