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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
Global gasoline exports continue to surpass seasonal norms for the third month in a row (see chart) according to Vortexa figures – coinciding with slowing travel demand in the Northern hemisphere – adding pressure to already strained cracks.
- Refiners are likely cutting back gasoline runs where possible in favour of diesel, while returning refineries from maintenance in the Northern hemisphere will add further runs which could lead to more positive supply.
- Vortexa expects gasoline flows to migrate to the Southern hemisphere as demand seasonally picks up there, including Australia, India, Latin America and Southeast Asia.
- US gasoline stockpiles remain limited by maintenance in the US and weak cracks as well as sluggish demand backdrop limit incentive to import or produce.
- A closed transatlantic arb has seen more European gasoline cargoes diverting from US PADD 1 towards West Africa this month according to Vortexa with supplies to WAF at a seven-month high and towards PADD 1 at its lowest since March.
- Reliance’s Jamnagar, SAMREF’s Yanbu and SATORP’s Jubail refineries among others are shut for planned maintenance this month and expected to restart in November and add further supply.
source: Vortexa
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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