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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.
DIESEL
Backwardation in the prompt ICE Gasoil spread yesterday reached the strongest since November reflecting the tight market supplies and low global inventories heading towards the winter season.
- Gasoil Oct-Nov is holding just below the high of 40$/mt from yesterday. Dec23-Dec24 also continues to surge higher up to a new record high of over 127$/mt yesterday.
- The near term spread has been supported by reports of unit outages at TotalEnergies Normandy (Gonfreville) refinery and Feyzin refinery in France this week. Germany’s Miro refinery and the UK’s Pembroke refinery are starting annual maintenance on Friday to add to planned works at BP’s Gelsenkirchen crude unit and Tamoil’s Holborn refinery.
- Data this week showed US distillate stocks still at 12.5% below the five year average despite a stock build this week, European ARA Gasoil stocks are 23.8% below and Singapore Middle Distillates inventories are up to 17% below average after a slight recent recovery.
- Diesel consumption in the US is also seeing a boost from a rebound in trucking according to Bloomberg. The rise comes from domestic freight demand according to J.B. Hunt Transport Services and due to construction projects according to FreightWaves Inc.
- Gasoil OCT 23 down -0.1% at 1009.75$/mt
- ULSD OCT 23 down -0.4% at 3.47$/gal
- Gasoil OCT 23-NOV 23 down -1$/mt at 38.25$/mt
- Gasoil DEC 23-DEC 24 up 0.75$/mt at 122$/mt
- EU Gasoil-Brent down -0.5$/bbl at 36.4$/bbl
- US ULSD crack down -0.2$/bbl at 55.12$/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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