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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
An influx of diesel/gasoil from the US has put some pressure on the European distillates complex, with record volumes headed for Europe in the final week of June, Platts said.
- The has been spurred by domestic US price weakness and falling freight rates, enabling exporters to capitalise on an open arbitrage window to Europe.
- A total of 39 diesel/gasoil cargoes loaded between mid-June and July 3.
- However, incoming supply has put pressure on the European market as demand remains at normal levels. The ICE LSGO futures has since flipped to contango.
- Traders remain watchful of an ARA stock build, already 10% above 2023 levels.
- Inventory strength will provide a key indicator for refining margins headed into Autumn, with September maintenance season nearing.
- Further injections from the Middle East could exacerbate weakness in H2 July. Hurricane supply risks could provide upside, however.
Source: S&P Global Commodity Insights
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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