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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
The gasoil front-month east-west price spread between Singapore 10 ppm sulphur gasoil swaps and ICE low sulphur gasoil futures has reached the widest discount since Nov 2022 at almost $88 per metric ton according to LSEG data.
- The move is driven by tight supply in Europe, high freight costs and sufficient Asian supplies according to Reuters sources.
- Freight costs on the Asia-Europe route have risen due to the Red Sea shipping disruption resulting in tighter supplies and higher refining margins in northwest Europe.
- The potential for spot supplies such as from India to divert east is limiting gains in Asian refining margins.
- The future strength of the EFS spread in the coming weeks will be driven by freight cost changes and demand in Europe after winter with little change expected in Asian supplies.
Source: Reuters
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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