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OIL PRODUCTS
Near term Gasoil time spreads continue to soften this week as the prompt spread pulls back from a peak of 19.75$/mt on 19 June after refinery disruption eases. The spreads surged higher in the mid June on the back of several refinery outages.
- Low global inventories, a dip in European imports and Russian refinery maintenance had added to the upside moves but Russian diesel output is expected to increase in July as the works come to an end.
- Crude backwardation is however still stronger than seen at the start of the month suggesting a tighter market supply at a time when demand is normally muted before an increase again heading into the winter period. Diesel demand in Germany has been falling this month according to an Argus earlier this week.
- The Dec23-Dec24 spread is up from a low 7.5$/mt on 31 May but below the peak of 28.25$/mt on 16 June.
- Gasoil JUL 23 up 0.2% at 705.25$/mt
- Gasoil JUL 23-AUG 23 down -1$/mt at 7.5$/mt
- Gasoil DEC 23-DEC 24 up 1.25$/mt at 21.25$/mt
- EU Gasoil-Brent up 0.1$/bbl at 19.27$/bbl
- US ULSD crack up 0.1$/bbl at 31.11$/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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