Free Trial

Gasoline Margins Gain but Crude Still Negative on the Day

OIL

Crude and gasoline cracks rally bringing the European gasoline crack up to the highs seen last week. Despite the gains front month Brent is still down on the day as economic growth concerns offset OPEC+ cuts.

  • US ISM manufacturing data rose more than expected at 47.1 compared to 46.8 with an unexpected reacceleration in prices paid to 53.2 versus 49.0 expected. The data underscores a likely 25bp rate hike from the FOMC on Wednesday.
    • Brent JUL 23 down -1.2% at 79.33$/bbl
    • WTI JUN 23 down -1.5% at 75.65$/bbl
    • US 321 crack up 0.8$/bbl at 28.16$/bbl
    • US gasoline crack up 1.1$/bbl at 30.57$/bbl
    • US ULSD crack up 0.2$/bbl at 23.32$/bbl
    • EU Gasoline-Brent up 1.5$/bbl at 18.1$/bbl
    • EU Gasoil-Brent down -0.6$/bbl at 12.93$/bbl

To read the full story

Close

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.