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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 are heading for small gains on the week after tentative signs of stronger demand this week and with tighter supplies from refinery outages. A draw in US inventories in line the five year average helped provided some support. GasBuddy US gasoline demand data however softened earlier this week with Sun-Tue down 2.3% compared to the same period last week.
- US front month gasoline crack is up from a low of nearly 7$/bbl on 13 Oct to 9.6$/bbl after falling from a high of over 40$/bbl during late August and September.
- Diesel cracks however are drifting down from the recent highs seen on 16 Oct with US refineries boosting production of middle distillates such as diesel and jet fuel ahead of the winter amid rising demand and tight supply. A ramp up in production levels from Middle East refiners could also help supplies although high diesel inventories in Russia may push down domestic oil processing rates. US front month diesel crack is down from 48.24$/bbl on 16 Oct to 43.8$/bbl.
- US 321 crack up 0.3$/bbl at 21$/bbl
- US gasoline crack up 0.2$/bbl at 9.6$/bbl
- US ULSD crack up 0.6$/bbl at 43.8$/bbl
- EU Gasoline-Brent up 1$/bbl at 5.64$/bbl
- EU Gasoil-Brent up 0.1$/bbl at 27.64$/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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