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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.
REFINING
Global refinery capacity will see the highest annual growth in years to grow by 2mb/d in 2023 according to Vitol.
- The capacity increase is required with demand now back to 2019 levels and following several years of closures. The majority of the capacity increase occurs in the fast-growing markets East of Suez, with over half of new capacity in the Middle East, while China accounts for around a third.
- By the end of 2023 they expect global refining capacity will be its highest ever and exceeding pre-pandemic levels.
- Vitol expect the incremental supply should ease pricing pressure on products such as gasoline, diesel and jet fuel.
- Diesel margins are today extending the bearish trend with spreads the lowest since early 2022 with gasoline spreads also drifting slightly lower.
- US 321 crack down -0.3$/bbl at 27.02$/bbl
- US gasoline crack down -0.3$/bbl at 29.16$/bbl
- US ULSD crack down -0.3$/bbl at 22.75$/bbl
Source: Vitol
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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