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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.
OIL PRODUCTS
Backwardation in the gasoil forward curve has softened slightly in recent days on the back to the wider oil market demand concerns but spreads remain stronger than for crude. European product supplies are likely to get tighter following the start of the EU sanctions on Russian products from 5 Feb.
- The prompt Brent spread is in contango at -0.15$/bbl but the Gasoil spread remains up at 11.75$/mt (1.58$/bbl).
- The longer dated June23-Dec23 spread is at 26.25$/mt (3.52$/bbl) and Dec23-Dec24 spread is at 30.5$/mt (4.09$/bbl) compared to 1.94$/bb and 3.49$/bbl respectively for Brent.
- Europe has boosted recent supplies from Middle East and Asia as well as from Russia to increase stock levels ahead of the ban. ARA Gasoil inventories were last week reported up to just 11% below normal from about 37 % below normal in October.
- Gasoil JAN 23-FEB 23 down -1.5$/mt at 11.75$/mt
- Gasoil JUN 23-DEC 23 down -9.5$/mt at 26.25$/mt
- Gasoil DEC 23-DEC 24 down -8.5$/mt at 30.5$/mt
- Brent MAR 23-APR 23 down -0.18$/bbl at -0.2$/bbl
- Brent JUN 23-DEC 23 down -0.64$/bbl at 1.94$/bbl
- Brent DEC 23-DEC 24 down -0.65$/bbl at 3.49$/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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