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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
Diesel cracks spreads and time spread continue to ease lower today after pulling back last week reversing the gains seen in early February.
- The European Gasoil-Brent front month spread has fallen from a high of around 33.2$/bbl on Feb 9 to 26.7$/bbl but remains above levels seen during December and January.
- The Gasoil backwardation has also softened in the last week, but spreads remain strong amid ongoing concern to tight supply from Red Sea tanker diversions, refinery outages, and drone attacks on Russian energy infrastructure this year.
- The ramp of new high capacity refineries in 2024 as Oman’s Duqm and Kuwait’s Al Zour reach full capacity should help to ease tight supplies. Both refineries are targeting the European market for their diesel volumes.
- ICE Gasoil managed money net long positions last week rose to the highest since August.
- Gasoil MAR 24 down -0.8% at 840.75$/mt
- ULSD MAR 24 down -1.5% at 2.76$/gal
- Gasoil MAR 24-APR 24 down -0.25$/mt at 25.25$/mt
- Gasoil JUN 24-DEC 24 down -1$/mt at 31.75$/mt
- EU Gasoil-Brent down -0.9$/bbl at 26.81$/bbl
- US ULSD crack down -1.5$/bbl at 37.24$/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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