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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
Gasoline cracks continue to edge back higher after reaching a low in mid October as the front month US spread increases from around 7.0$/bbl on 13 Oct up to 11.2$/bbl today. The Front month RBOB gasoline price is up from 215.3c/gal on 12 Oct to 233.8c/gal.
- Weaker than normal demand following the summer driving season and building gasoline stocks had been weighing on gasoline prices since mid August. Supplies remain steady as refining utilisation is boosted by healthy refining margins driven by robust diesel cracks although is currently limited by refinery maintenance.
- EIA data implied demand has seen a slight recovery in recent weeks although US gasoline demand fell 1.8% last week to 8.7mb/d and 0.2% below the four-week average according to GasBuddy.
- European gasoline arrivals in the US were unchanged on the week to 19 Oct at the four week low of 174kb/d, according to bills of lading and ship-tracking data compiled by Bloomberg. So far this month shipments have averaged 200kb/d compared to 240kb/d in Oct 2022 and the ytd average of 290kb/d.
- Nymex RBOB gasoline futures daily traded volumes have fallen below normal this week to 112k yesterday compared to an average of 160k so far this month and 182k in September.
- RBOB NOV 23 up 0.3% at 2.34$/gal
- EU Gasoline-Brent up 0.3$/bbl at 6.34$/bbl
- US gasoline crack up 0.2$/bbl at 11.23$/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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