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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.
DIESEL
Near term Gasoil spreads are edging higher today but still in contango until Oct 2023 due to weak near term demand, recession fears and suggesting ample supplies. Low margins are leading some Asian refiners to consider run cuts in the coming months.
- The Gasoil Jun-Dec fell steadily during April from backwardation at over +20$/mt down to a low of -8.5$/mt yesterday. Low inventories in the US and a declining trend in Europe have done little to support the market. US stocks are 12.4% below the five year average and ARA Gasoil stocks were last week just above normal. The updated ARA stocks are due out later today.
- Diesel margins remain in a bearish trend with spreads holding just up from the lowest since early 2022. Spreads continue to be pressured by concerns for weak demand, refineries returning from outages and new refining capacity in the Middle East and China.
- Gasoil MAY 23 up 1.2% at 644.5$/mt
- Gasoil MAY 23-JUN 23 up 0.5$/mt at 0$/mt
- Gasoil JUN 23-DEC 23 up 1.75$/mt at -6$/mt
- Gasoil DEC 23-DEC 24 up 2.25$/mt at 11$/mt
- US ULSD crack up 0.2$/bbl at 25.01$/bbl
- EU Gasoil-Brent down -0.3$/bbl at 13.82$/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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