MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

Activity data stronger-than-expected; little impact on near-term monpol

MNI: GERMANY JUNE FINAL HICP +2.5 % M/M, +0.2% Y/Y

MNI: GERMAN JUN CPI +2.2 % Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Mideast Gulf Gasoline Premiums at Four-Year Low: Argus

OIL PRODUCTS
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Gasoline premiums in the Middle East fell to lows last recorded during the Covid-19 pandemic as the region became oversupplied amid high refinery runs, Argus said.

  • The 92R Mideast gasoline premium fell to a four-year low of $1.80/b May 27, while the backwardation structure has also narrowed.
  • Refinery runs in the region have been high with seasonal maintenance drawing to a close.
  • Gasoline exports from the Middle East typically head to Pakistan and East Africa, but there have been unusual flows West of Suez, Argus said.
  • 189k mt of Saudi gasoline arrived in the Netherlands, Latvia, and Belgium in April, the highest level since May 2019, Kpler said.
  • While heavier refinery maintenance in Europe may have led to such flows, high freight rates and weak European demand should keep this arbitrage window closed
  • Cargoes were also flowing to Singapore, importing 190k mt of Middle East gasoline.
146 words

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.

Gasoline premiums in the Middle East fell to lows last recorded during the Covid-19 pandemic as the region became oversupplied amid high refinery runs, Argus said.

  • The 92R Mideast gasoline premium fell to a four-year low of $1.80/b May 27, while the backwardation structure has also narrowed.
  • Refinery runs in the region have been high with seasonal maintenance drawing to a close.
  • Gasoline exports from the Middle East typically head to Pakistan and East Africa, but there have been unusual flows West of Suez, Argus said.
  • 189k mt of Saudi gasoline arrived in the Netherlands, Latvia, and Belgium in April, the highest level since May 2019, Kpler said.
  • While heavier refinery maintenance in Europe may have led to such flows, high freight rates and weak European demand should keep this arbitrage window closed
  • Cargoes were also flowing to Singapore, importing 190k mt of Middle East gasoline.