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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.
OIL PRODUCTS
The latest EIA weekly petroleum status report for the week to May 31 showed fresh weakness in the gasoline and distillates implied demand amid sings of a stall in the recent recovery.
- Weekly implied distillates demand fell this week resulting in a pull back in the four week average after gains seen in previous weeks. Implied demand continues to disappoint and remains below all recent years except for 2020.
- Despite a decline in the weekly gasoline data, the four-week average implied demand however edged higher to continue the recovery since the mid-April low. The rate of increase has however slowed after seeing a recovery of nearly 0.5mbpd to the highest since July 2023.
- Jet fuel demand, on a four week basis, continues to rise up towards the high end of the previous five year range following a strengthening trend in place since late January. Current demand is the highest since November and edging towards seasonal levels seen in 2019.
- Brent AUG 24 down 0.1% at 77.48$/bbl
- WTI JUL 24 down 0.1% at 73.16$/bbl
- US gasoline crack up 0.1$/bbl at 25.04$/bbl
- US ULSD crack down 0.2$/bbl at 22.76$/bbl
Source: EIA / MNI
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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