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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
Prompt Gasoil time spreads continue to trend higher from the lows seen at the start of May but remain well below the peaks seen in January and March.
- The Gasoil 1-2 spread has risen from a low of -1.75$/mt on 3 May back to the highest since 14 April to trade at 6$/mt today. Spreads from August to October remain in contango
- Diesel imports into Europe climbed to a four-month high so far in May amid more flows from the Middle East according to Vortexa last week. Flows from Saudi Arabia are expected to reach a new high of 324kbpd and US shipments are on track to reach the highest level since August 2020.
- A decline in European ARA gasoil inventories last week has provided some support to the spreads with storage just above the five year average.
- Gasoil JUN 23 down -0.9% at 666$/mt
- Gasoil JUN 23-JUL 23 up 0.75$/mt at 5.75$/mt
- Gasoil JUN 23-DEC 23 up 0.5$/mt at 7$/mt
- Gasoil DEC 23-DEC 24 down -4.25$/mt at 8.5$/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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