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OIL PRODUCTS
Gasoil curve backwardation is relatively stable this week after time spreads had seen a gradual decline in the last month.
- June23-Dec23 has fallen from a high of 47$/mt on 20 Jan down to a low of 20.75$/mt on 17 Feb. The prompt spread is down from 29.25$/mt on 12 Jan to 5.75$/mt today although briefly traded as low as -2.5$/mt on 9 Feb.
- The expectedly robust Russian oil output over recent weeks has helped push the spreads lower with the lower risk of supply disruption. Russian has maintained steady oil product flows so far following the sanctions at the start of the month. Oil product shipments are finding buyers in countries in the Middle East and Asia although journey distances will be significantly higher than previous supplies to Europe.
- The ongoing mild winter season and building storage levels have also helped ease the concern for tight European product supplies.
- Gasoil MAR 23 down -1.3% at 787.25$/mt
- Gasoil MAR 23-APR 23 down -1$/mt at 5.75$/mt
- Gasoil JUN 23-DEC 23 down -3.75$/mt at 21.25$/mt
- Gasoil DEC 23-DEC 24 down -3.25$/mt at 34$/mt
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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