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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.
OIL PRODUCTS
Gasoline crack spreads edge higher while diesel cracks extends the recent trend lower.
- Concern for tight supplies with the upcoming EU ban on seaborne fuels and high refinery outages is providing some support. For over a week the market focus has been on the short term weak demand driving spreads lower. Optimism for improving global economic demand growth later this year is not helping to support the near term spreads.
- Total US inventories remain well below normal despite a build in both gasoline and diesel stocks in weekly EIA data released yesterday. Product supplies in the New York Harbour area are especially tight after another stock draw this week due to low production and missing European supplies.
- US 321 crack up 0.4$/bbl at 34.05$/bbl
- US gasoline crack up 1$/bbl at 27.47$/bbl
- US ULSD crack down -0.7$/bbl at 47.21$/bbl
- EU Gasoline-Brent up 0.6$/bbl at 14.18$/bbl
- EU Gasoil-Brent down -0.1$/bbl at 28.41$/bbl
Source: MNI / EIA
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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