Free Trial
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
Near term Gasoil curve backwardation has eased significantly this week but tight supplies, low stocks and uncertainty over Russia crude and product supplies maintain a steeper forward curve than for crude.
- European ARA Gasoil stocks were yesterday reported as still 26.5% below the five year average according to Insights Global data
- Gasoil is in steeper backwardation despite the rally in crude spreads following the move to ease some covid restriction by China.
- The Gasoil Jan23-Feb23 spread is currently at 23.23$/mt equivalent to 3.12$/bbl compared to the Brent crude spread of 1.69$/bbl. The Gasoil Jun23-De23 spreads is at 56.75$/mt (7.62$/bbl) compared to 4.83$/bbl for Brent.
- Brent JAN 23-FEB 23 up 0.11$/bbl at 1.69$/bbl
- Brent JUN 23-DEC 23 up 0.34$/bbl at 4.82$/bbl
- Brent DEC 23-DEC 24 up 0.4$/bbl at 6.09$/bbl
- Gasoil JAN 23-FEB 23 up 1.75$/mt at 23.5$/mt
- Gasoil DEC 23-DEC 24 up 4.75$/mt at 56.75$/mt
- Gasoil DEC 23-DEC 24 up 3.25$/mt at 64.5$/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok