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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.
OIL PRODUCTS
Gasoline margins are narrowing the price differential with diesel as milder weather and weaker consumption weigh on middle distillates.
- Mild weather has reduced the need for diesel in heating and power generation. Weak near term demand has weighed on the crack spreads although uncertainty remains over the demand recovery due to the China reopening. The future stance of China to domestic refinery activity and product exports remains unclear.
- The latest IEA monthly oil report highlighted the impact on Russia’s product exports following the EU embargo and price cap will be a key factor when it comes to meeting that demand growth. The Russian sanctions could lead to lower fuel imports to the US East Coast.
- IEA reported global refinery throughputs fell 730kb/d in January, with US activity still recovering from the outages during the December freeze. A further decline is expected in February on scheduled maintenance.
- US 321 crack down -0.6$/bbl at 31$/bbl
- US gasoline crack down -0.6$/bbl at 24.89$/bbl
- US ULSD crack down -0.5$/bbl at 43.2$/bbl
- EU Gasoline-Brent down -0.7$/bbl at 12.5$/bbl
- EU Gasoil-Brent down -1.1$/bbl at 27.41$/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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