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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.
OIL PRODUCTS
Nigeria’s new 650k b/d Dangote refinery is slowly grinding into gear, with analysts and traders watching the ramp up closely, according to Bloomberg.
- The refinery has been shipping oil for weeks as it starts up two units for gasoline output.
- Wood Mac expect gasoline-focused units to be online this summer, while other analysts put the timeline towards the end of 2024.
- Once ready, Dangote’s gasoline production will have a big influence on the Atlantic Basin’s gasoline market as it alters the WAF supply balance, WoodMac said.
- The refinery is currently running at around 300k b/d, according to WoodMac estimates, and has started shipping jet fuel, gasoil, and naphtha.
- One third of the oil imported into the refinery has been US WTI Midland, a trend likely to continue while the US grade’s price undercuts local crudes, Bloomberg said.
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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