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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
Near term Gasoil time spreads are holding onto strength from the last couple of weeks with the ongoing disruption to French refineries. Upside moves have been limited by increased fuel supplies from India and US to cover for the outages and with the strikes restricting domestic demand.
- The Gasoil Apr-May spread has hovered around 30$/mt this week compared to 14.5$/mt at the start of March. With the strike impact expected to be short term the futures and longer dated Gasoil spreads are relatively weak due to the wider market recession fears. Front month Gasoil is trading just above the lowest since Jan 2022 at 725.5$/mt from 16 Mar while the Jun23-Dec23 spread is near the lower end of the range so far this year.
- Exxon’s Gravenchon and Fos refineries in France are reported as still operating although the capacity is not yet known. The current knock-on effect on domestic diesel consumption in France due to strikes in several sectors is helping to offset the disruption to refinery production.
- Gasoil APR 23 down -1% at 776.75$/mt
- Gasoil APR 23-MAY 23 down -2$/mt at 29.5$/mt
- Gasoil JUN 23-DEC 23 down -1.25$/mt at 22.25$/mt
- Gasoil DEC 23-DEC 24 down -0.75$/mt at 22$/mt
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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