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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
Diesel and gasoline markets have steadied after a rally over the last couple of days driven by tight supply concerns. Low inventories, the upcoming refinery season and expected drop in Russian diesel output are adding to the upward pressure on product prices despite signs of lower gasoline demand at the end of the summer season.
- The US front month diesel crack has eased back from a high of nearly 55.3$/bbl while the gasoline crack recovered back up to 27.3$/bbl yesterday.
- The Gasoil Nov-Dec spread has risen from 27.5$/mt on 7 Sep to a high of 38.5$/mt. Dec23-Dec24 is up from around 80$/mt at the start of the month to 110$/mt.
- Neste on Tuesday raised its Q3 margin outlook which is expected to be "significantly higher than in the second quarter." Northwest European diesel and gasoline margins have risen to a high level in the third quarter despite volatile oil markets, Neste said.
- A planned output ramp-up at its Singapore refinery had been slowed down by a recent shutdown at a new line for additional equipment inspection and repairs. Neste restarted production at the refinery in mid-August after an unexpected shutdown in June.
- Gasoil OCT 23 up 0.2% at 982.25$/mt
- ULSD OCT 23 up 0.5% at 3.38$/gal
- Gasoil OCT 23-NOV 23 unchanged at 38$/mt
- Gasoil DEC 23-DEC 24 up 0.75$/mt at 109.5$/mt
- EU Gasoil-Brent up 0.2$/bbl at 35.67$/bbl
- US ULSD crack up 0.2$/bbl at 53.92$/bbl
- RBOB OCT 23 down 0% at 2.72$/gal
- EU Gasoline-Brent down -0.5$/bbl at 18.4$/bbl
- US gasoline crack down -0.9$/bbl at 26.23$/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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