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DIESEL
The ICE gasoil curve backwardation is stronger this month compared to the end of May at which time Aug-Sep and Sep-Oct were in contango. The relative strength is despite the decline in near term spreads since the middle of June.
- Europe’s diesel imports reached back over 1.1mbpd in June and the highest since January. East-West gasoil flows could be supported by a surge in Indian exports as demand typically weakens in 3Q during the monsoon season according to Bloomberg.
- Declining refinery runs on the Gulf Coast coupled with a refinery yield shift away from diesel will likely weigh on US diesel exports according to Bloomberg. European diesel imports from the US Gulf Coast have so far remained elevated as the arbitrage stays open.
- Gasoil JUL 23 up 1.8% at 708.75$/mt
- Gasoil JUL 23-AUG 23 unchanged at 6.5$/mt
- Gasoil AUG 23-SEP 23 unchanged at 2$/mt
- Gasoil DEC 23-DEC 24 up 2.75$/mt at 23.25$/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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