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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.
DIESEL
US diesel futures have fallen to the lowest since July as demand fears weigh on the wider oil market. The curve backwardation has also softened as a sign of easing supply tightness. The front month diesel crack spread is falling towards the lows around 38.4$/bbl seen a couple of times during October.
- Trucking demand for fuel in the US remains slow as a freight recession persists according to Bob Costella at American trucking Associations. A turnaround will be driven by “supply leaving the industry rather than a big jump in demand in the quarters ahead”, said Costello.
- Europe spreads are also weaker with the Gasoil Dec23-Dec24 spread falling to the lowest since July at 49$/mt compared to a peak of 124$/mt in September. The prompt spread has also dipped but is holding onto more strength with near term supplies still considered fairly tight amid low global distillates inventories.
- Gasoil NOV 23 down -2.4% at 818.75$/mt
- ULSD DEC 23 down -0.3% at 2.74$/gal
- Gasoil NOV 23-DEC 23 down -4$/mt at 29.25$/mt
- Gasoil DEC 23-DEC 24 down -8.75$/mt at 49$/mt
- EU Gasoil-Brent down -1$/bbl at 24.26$/bbl
- US ULSD crack down -1.1$/bbl at 38.88$/bbl
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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