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OIL PRODUCTS
Tighter supply concerns continue to drive a steeper ICE Gasoil curve backwardation with time spreads extending the rally this week due to refinery outages and with a fall in ARA inventories.
- The prompt Gasoil time spread has risen from around +3.5$/mt at the of the week up to the highest since late March at 14$/mt today. Dec23-Dec24 is also at the highest since April having risen from a low of around 10$/mt at the start of June up to over 25$/mt today.
- Supply concerns have been driven by outages at to a CDU and VDU at Shell’s Pernis refinery and to units at TotalEnergies Gonfreville refinery this week while Germany’s Vohburg refinery stopped heating oil deliveries to the wholesale market yesterday.
- Wider market support comes from strong demand from India and a dip in Russian diesel exports while China diesel exports have fallen from a peak earlier this year.
- European ARA Gasoil stocks yesterday dipped below the five year average for the first time since early Feb having fallen from a peak in mid May.
- Gasoil JUL 23 up 1.7% at 724.25$/mt
- Gasoil JUL 23-AUG 23 up 2.5$/mt at 13.5$/mt
- Gasoil DEC 23-DEC 24 up 3$/mt at 25$/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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