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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
Refining margins are holding steady today after edging higher yesterday with easing demand risks supporting diesel crack spreads. Margins are still low with weak US manufacturing and freight activity and disappointing gasoline demand ahead of an expected boost from the US driving season.
- The US 321 crack spreads is holding just above the lows of around 27$/bbl seen early last week. The US diesel crack spread is up from 22.8$/bbl on 1 May to 26.5$/bbl but still well below a high of 46.2$/bbl from mid March.
- Gasoline pump prices in the US have fallen for 18 straight days, marking the longest down streak since December according to AAA data at a time when prices typically rise heading into the summer driving season. The counter-seasonal price drop is driven by the lower oil prices with uncertainty surrounding economic growth and future oil demand.
- US 321 crack down -0.1$/bbl at 28.64$/bbl
- US gasoline crack down -0.2$/bbl at 29.69$/bbl
- US ULSD crack up 0.2$/bbl at 26.56$/bbl
- EU Gasoline-Brent down -0.9$/bbl at 15.34$/bbl
- EU Gasoil-Brent down -0.3$/bbl at 15.38$/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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