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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.
OIL PRODUCTS
US total product implied demand was lower in EIA data published yesterday.
- Total product supplied was down by 1.74mbdp with gasoline down 1.35mbpd and distillate down 1.0mbpd.
- The 4-week rolling average product supplied form both gasoline and distillate fell in the data for the week ending 8th Jul. Demand for both products is below all recent years except for 2020. The trend of the 4-week rolling average especially for gasoline product supplied is diverging away from previous years.
- After recovering overnight, the US and European gasoline and diesel crack spreads are following a drop in crude this morning.
- Brent SEP 22 down -1.8% at 97.76$/bbl
- WTI AUG 22 down -2.3% at 94.08$/bbl
- US 321 crack down -2$/bbl at 44.3$/bbl
- US gasoline crack down -1.8$/bbl at 38.43$/bbl
- US ULSD crack down -2.3$/bbl at 56.02$/bbl
- Brent FCC margin down -1.6$/bbl at 15.53$/bbl
- Gasoline-Brent down -2.1$/bbl at 26.73$/bbl
- Gasoil-Brent down -1.9$/bbl at 41.1$/bbl
Source: MNI / EIA
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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