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DIESEL
Gasoil time spreads are edging higher to resume the trend seen since the start of May with the prompt spreads moving from contango to backwardation this month. The Aug-Sep and Sep-Oct spreads however remain negative.
- Narrow spreads have weakened the East-West gasoil arbitrage to keep low diesel arrivals from East of the Suez to challenge Europe’s need to replace sanctioned Russian ultra-low-sulfur diesel flows. Diesel flows from the US Gulf Coast increased in April.
- EU diesel imports rebounded to over 1mbpd in April according to Bloomberg while Russian diesel exports were at 1.2mbpd.
- Diesel cracks remain low due to weak current demand and future demand concerns with the threat of a recession.
- Gasoil JUN 23 down 0% at 682.75$/mt
- Gasoil JUN 23-JUL 23 up 0.25$/mt at 4.25$/mt
- Gasoil JUL 23-AUG 23 unchanged at 0.75$/mt
- Gasoil JUN 23-DEC 23 up 0.75$/mt at 7$/mt
- Gasoil DEC 23-DEC 24 up 0.75$/mt at 16.25$/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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