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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.
REFINING
Refining margins are expected to improve in the near term with a tightening balance across the West of Suez, according to Kpler.
- Gasoil appears to be the most likely beneficiary, presenting a good opportunity for exporters.
- Margins currently under pressure, particularly in Europe and Asia, could result in deeper run cuts than originally planned for scheduled maintenance.
- However, the gains are expected to be short-lived due to rising processing rates towards the end of Q4, driven by new setups and enhanced operations.
- The US 321 crack spread fell to the lowest since Feb 2021 at $14.94/bbl on Aug 28 although has since recovered very slightly up to around $16.4/bbl today, according to Bloomberg data. The crack has gradually fallen form a high of $33/bbl in March.
Source: Kpler
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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