Free Trial
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.
OIL
Increasing demand for higher sulfur crudes from refineries and exporters is tightening supplies and closing the US sweet and sour oil differentials according to Reuters.
- The Light Louisiana Sweet and Mars sour crude spread has narrowed to 1.7$/bbl last week from about 6.75$/bbl at the start of the year and 9.20$/bbl a year ago.
- Sour crudes are in demand with increased processing from US Gulf Coast refiners and due to the planned voluntary 1mbpd production cut and higher official selling prices from Saudi Arabia in July.
- "US sour crude exports to Europe touched a record in March and I would not be surprised if July reaches a new high," said Bukhtiar Zafar from Energy Aspects. "We expect more sour pull from Asia," he added.
- Supply of Canadian heavy sour crude and been restricted since May due to wildfires and the US is also increasing sour crude purchases to refill the SPR.
Source: Reuters
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok