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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 PRODUCTS
Diesel and gasoline crack spreads continue to ease back but remain well below levels seen earlier in the year.
- Weak near term demand is limiting refined product upside despite tight supply concerns. EIA data yesterday showed the four week gasoline implied demand falling again down to the bottom of the five year range and nearly 7% below the average. Diesel four week implied data remained largely unchanged last week although is also over 4% below the five year average.
- High US refinery outages following winter disruption in December, the upcoming planned maintenance season and unplanned outages are all provide wider support to refined product markets.
- The US gasoline crack has fallen from a high of around 33$/bbl early yesterday to 28.4$/bbl while the diesel crack is down from 63.6$/bbl on 24 Jan to 56.2$/bbl.
- US 321 crack down -0.2$/bbl at 37.65$/bbl
- US gasoline crack down -0.6$/bbl at 28.37$/bbl
- US ULSD crack down -0.3$/bbl at 56.17$/bbl
Source: MNI / EIA
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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