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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.
DIESEL
European Gasoil backwardation continues to strengthen reflecting tight supplies and low inventories. The prompt Gasoil spread is the highest since March while the Dec23-Dec24 spread is testing the highs around 75$/bbl seen several times during 2022.
- The European and US diesel cracks spreads are also trading near the highest since early February.
- Hot weather has led to a reduction in refining runs in the Mediterranean, Middle East and North Africa according to Saras, an oil-processing plant operation in Italy.
- The industry is “under heavy maintenance” according to chief commercial officer Marco Schiavetti. Saras carried out most of the maintenance it has scheduled for 2023 in the first half.
- ICE Gasoil managed money net long positions rose for a third week according to the latest data from Friday to the highest since late January.
- Gasoil AUG 23 up 2.8% at 902$/mt
- ULSD SEP 23 up 1.8% at 3.04$/gal
- Gasoil AUG 23-SEP 23 up 2.5$/mt at 19.75$/mt
- Gasoil DEC 23-DEC 24 up 7$/mt at 76$/mt
- EU Gasoil-Brent up 0.4$/bbl at 31$/bbl
- US ULSD crack up 2$/bbl at 46.13$/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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