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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
Rising product crack spreads have pushed US gasoline prices higher so far this year with concern that tight supplies and a seasonal demand increase will drive pump prices further.
- Gasoline averaged the highest ever for this time of year at 3.446$/gal on Monday according to AAA. Prices have risen for 13 consecutive days and the longest period of gains since the record prices in June.
- High refinery outages are supporting the refinery product spreads. Refinery maintenance is expected to be greater than normal this season due to work that was deferred from last year to take advantage of the high prices. Unplanned outages are adding to the low production with many facilities slow to return after being taken offline due to severe cold in December.
- The increase is coming about a month before the annual transition to produce more expensive summer grades of fuel which normally raises pump prices.
- EIA data shows gasoline inventories at the lowest seasonal level in more than a decade and 7.6% below the five year average. The updated EIA inventory data the week to 20 Jan is due out later today.
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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