Free Trial
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.
OIL PRODUCTS
Gasoil curve backwardation is strengthening beyond Feb23 with risks to global supplies following the start of the EU ban on Russian products from 5 Feb. Europe are expected to import 2.68m tons of diesel from Russian Baltic and Black Seas ports in January according to Bloomberg at the end of December. Refiners are boosting supplies in an attempt to build stocks ahead of the ban.
- The Jan-Feb spread is moving against the wider curve trend and declining from a peak at 25.5$/mt at the start of the week down to 16.5$/mt.
- The Feb-Mar up from a low of 16.5$/mt on 4 Jan to 31.5$/mt while Jun23-Dec23 is also rallying today.
- Gasoil JAN 23 up 4.6% at 923.75$/mt
- Gasoil JAN 23-FEB 23 down -1.75$/mt at 16.75$/mt
- Gasoil FEB 23-MAR 23 up 5.25$/mt at 31.75$/mt
- Gasoil JUN 23-DEC 23 up 10$/mt at 36$/mt
- Gasoil DEC 23-DEC 24 up 5.75$/mt at 33.75$/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok