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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 near term Gasoil time spreads are extending the declining trend towards flat as the market is yet to see an impact on supply from the EU and G7 sanctions on Russian fuel exports.
- The prompt Gasoil spread has fallen from a high of 29.75$/mt in January down to a low of just 1$/mt yesterday. Longer term spreads are seeing more support this week with support from the wider oil market demand optimism. Jun23-Dec23 has recovered to from a low of 22$/mt on 6 Feb up to 32$/mt today.
- Europe are sourcing alternative supplies from Middle East, US, and China after boosting inventories in the last couple of months ahead of the Russian ban. ARA Gasoil inventories were last week reported up to just 4.5% below normal from about 37 % below normal in October.
- Russia plans to divert its supplies to Asia, Africa, and Latin America and in January increased diesel exports to Turkey and African ports.
- Gasoil FEB 23 up 0.6% at 840.75$/mt
- Gasoil FEB 23-MAR 23 up 0.25$/mt at 2.5$/mt
- Gasoil MAR 23-APR 23 down -0.5$/mt at 10$/mt
- Gasoil JUN 23-DEC 23 up 1.75$/mt at 32.25$/mt
- Gasoil DEC 23-DEC 24 down -0.25$/mt at 38$/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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