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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
US cracks reach fresh highs once again as IEA and OPEC expect tight balance to remain.
- US 321 crack spread up 1.68$/bbl to 56.45$/bbl
- US Gasoline crack up 2.27$/bbl to 55.27$/bbl
- IEA expect tightness in product markets to continue despite throughputs forecast to ramp up by 4.7 mb/d through to August. Depleted product inventories and constrained refinery activity are driving the spreads.
- OPEC also expect refinery throughout to increase and give partial relief to global product shortages. They do however still expect tight global balances to remain as demand continues to recover post pandemic, especially for jet fuel.
- EIA reported US gasoline inventories declined by 3.61mbbl last week pushing them below the 5-year range. Gasoline cracks are likely to be supported by increase demand as we head toward the summer driving season.
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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