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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
Oil curves remain in backwardation with diesel steeper than crude due to especially tight distillate supplies.
- Refinery maintenance and French strikes have kept supplies limited and a possible future reduction in Russian crude and product output is likely to maintain the tight market. The upcoming winter heating season could also add support to prices although falling gas prices in Europe may help to limit gas to oil switching.
- US distillate stocks are 20% below the five year average and European ARA stocks were last week 36% below with update data expected later today.
- The front Gasoil spread is currently at 76$/mt (10.2$/bbl) compared to the front Brent spread at 1.95$/bbl and WTI at 1.24$/bbl.
- Brent DEC 22-JAN 23 up 0.06$/bbl at 1.96$/bbl
- Brent JAN 23-FEB 23 up 0.06$/bbl at 1.76$/bbl
- Brent DEC 22-DEC 23 up 0.25$/bbl at 12.77$/bbl
- Gasoil NOV 22-DEC 22 down -1.25$/mt at 76.5$/mt
- Gasoil DEC 22-JAN 23 unchanged at 27.75$/mt
- Gasoil DEC 22-DEC 23 up 1.5$/mt at 190.75$/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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