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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
Gasoil backwardation softens as near term tight supply concerns ease with returning refineries in France.
- The Feyzin refinery is operating normally, Gonfreville is restating units over the coming days and shipments have resumed, and the restart at Donges is in progress.
- Spreads eased since late Match due to weak demand, high imports, lower than expected refinery maintenance and targeted French strategic oil stockpile releases.
- The prompt Gasoil spread is trading near the lowest since early March and just above parity. The longer dated spreads are also edging lower driven by demand concerns and with limited disruption to global Russian output following the sanctions in February. Jun23-Dec23 is trading at the lowest since December 2022.
- Gasoil APR 23 down -1.9% at 765.5$/mt
- Gasoil APR 23-MAY 23 unchanged at 3.75$/mt
- Gasoil JUN 23-DEC 23 down -4$/mt at 17.25$/mt
- Gasoil DEC 23-DEC 24 down -3.75$/mt at 33.25$/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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