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DIESEL
Gasoil futures and time spreads are trending lower as demand concerns weigh on the wider oil markets and with Europe boosting diesel storage levels in January before the EU ban on Russian products this Sunday.
- Front month Gasoil has fallen 17% from a peak just over 1000$/mt on 24 Jan. The prompt Gasoil spread has fallen from nearly 30$/mt to just 7$/mt today while the Jun23-Dec23 spreads is down from over 50$/mt to 31$/mt.
- European ARA Gasoil inventories have been gradually increasing since early Dec. Gasoil inventories were over 30% below normal in October but the Insight Global data released yesterday showed stocks are now just 4.5% below the five-year average for this time of year.
- Europe is attempting to source alternative diesel supplies from areas such as the Middle East, US, and China to replace approximately 600kbpd of Russian diesel supplies.
- Gasoil FEB 23 down -0.3% at 842.75$/mt
- Gasoil FEB 23-MAR 23 down -0.25$/mt at 6.75$/mt
- Gasoil MAR 23-APR 23 down -2.5$/mt at 18.25$/mt
- Gasoil JUN 23-DEC 23 down -0.5$/mt at 30.75$/mt
- Gasoil DEC 23-DEC 24 up 3.25$/mt at 35.5$/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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