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OIL PRODUCTS
European gasoline pricing could still prompt shipments to the East of Suez, while the arb to the US is shut according to a note from Sparta yesterday.
- ARA Ebob gasoline is “increasingly pricing itself into a variety of global arb locations,” said analyst Neil Crosby. “A boon to ARA is the strength of the Singapore market, which continued to rally this week.”
- The arb from Europe has been made more workable due to refinery maintenance in the Middle East. European components have “room to strengthen further” relative to Middle East prices.
- The surge in TC2 transatlantic tanker rates has helped close the arb to NYH from ARA. “Spiking TC2 rates have helped to maintain very shut econs out of ARA into NYH.”
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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