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DIESEL
Gasoil backwardation continues to soften slightly as near term time spreads pull back from the highest since March seen yesterday.
- The Gasoil Jul-Aug spread has eased back from a high of 19.75$/mt yesterday to 13.75$/mt but is still well above levels around 1$/mt at the start of the month.
- The Dec23-Dec24 spread is also trading lower today back from a high of 28.25$/mt on 16 June to 21.25$/mt.
- Reduced global diesel availability due to refinery maintenance in Asia and Russia has supported prices but “cracks cannot continue improving in a low-demand environment” according to FGE last week.
- “Globally, there is pressure around the corner as soon as refiners come back from maintenance”, FGE added.
- Russian refinery maintenance shows signs of coming to an end with crude-processing volumes in the week to 14 June at their highest levels in nine weeks according to Bloomberg.
- Gasoil JUL 23 down -2.6% at 712.5$/mt
- Gasoil JUL 23-AUG 23 down -3.25$/mt at 13.75$/mt
- Gasoil DEC 23-DEC 24 down -4.5$/mt at 21.25$/mt
- EU Gasoil-Brent down -0.9$/bbl at 18.85$/bbl
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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