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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.
DIESEL
Gasoil time spreads rally with the prompt spread to the highest since late March, Jun23-Dec23 the highest since April and Dec23-Dec24 just below the highs of the month seen earlier this week.
- The prompt Gasoil spread has risen from parity in early May up to 11.75$/mt.
- An outage to one of two CDU’s at Shell’s Pernis refinery following a leak at the complex earlier this week is providing support to the near term spread. At the start of this month the restart of the third stage of Kuwait’s Al Zour refinery was delayed until the end of the summer and has helped support prices this month.
- A dip in
Russian diesel exports is also supporting global markets while above normal Europe
stocks are helping to limit upside moves.
European ARA Gasoil inventories gained on the week to hold nearly 3.5% above
the five the average.
- Gasoil JUN 23 up 0.4% at 706.5$/mt
- Gasoil JUN 23-JUL 23 up 2.5$/mt at 12$/mt
- Gasoil JUL 23-AUG 23 up 1$/mt at 3.75$/mt
- Gasoil JUN 23-DEC 23 up 3.5$/mt at 22.75$/mt
- Gasoil DEC 23-DEC 24 unchanged at 20$/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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