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
Draws in the EIA data yesterday added fuel to the bull rally in refined products as the production increase from OPEC+ does little to ease the tight markets. After surging yesterday US cracks have eased back this morning
- US 321 crack down -0.72$/bbl at 60.08$/bbl
- US gasoline crack down -0.57$/bbl at 59.61$/bbl
- US ULSD crack down -1.01$/bbl at 61.01$/bbl
- Brent FCC margin down -0.24$/bbl at 24.97$/bbl
- Gasoline-Brent up 0.06$/bbl at 46.94$/bbl
- Gasoil-Brent up 0.13$/bbl at 42.53$/bbl
- Even if OPEC+ can meet production targets and increase supply in the coming couple of months, the lack of refining capacity will limit any extra gasoline and diesel supply. EIA data currently shows gasoline stocks 6.2% below the bottom of the 5-year range and distillate stocks 15.4% below.
- Below shows the price progression of US and European crack over the last year
Source: MNI / 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