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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 - Gasoline cracks have steadied this week after seeing a slow recovery since lows in mid October. Concern for global demand and a fresh decline in US implied demand this week are limiting gains while global stocks remain fairly healthy and likely to be boosted by the return of refineries from maintenance.
- Data this week showed US gasoline stocks just 1.2% below the five year average while European ARA Gasoil stocks are still 15% above normal despite a draw this week. Singapore Light Distillates inventories this week dipped slightly to -3.4% below average.
- The US national average price of gasoline is currently at the lowest level since 2 January at $3.23/gal and just 15 cents from the lowest since 28 May 28 2021 according to GasBuddy.
- Front month US gasoline spread has recovered from a low of 7.48$/bbl on 13 Nov but is still well below levels between 35- 40$/bbl in late summer.
- RBOB DEC 23 down -0.9% at 2.21$/gal (vs Nov22 close)
- EU Gasoline-Brent down -1.2$/bbl at 7.71$/bbl
- US gasoline crack up 0.1$/bbl at 15.26$/bbl (vs Nov22 close)
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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