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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 gasoline cracks continue to drift down towards the lows from Dec 27 at 15.49$/bbl after EIA data yesterday showed a decline in weekly implied demand. The drop followed on from data from OPIS and GasBuddy suggesting weaker demand during the holiday week.
- Diesel crack spread moves have been more muted despite the weaker US distillates demand with stocks still below normal despite the large gains on the week.
- Four week gasoline implied demand dropped back below the previous five year range as the weekly demand fell to the lowest in a year. Distillates four week average demand fell back below the lower end of the previous five year range for the time of year due to mild weather limiting heating demand and on soft trucking demand.
- Data this week showed US distillate stocks 4% below the five year average, European ARA Gasoil stocks 18.4% below and Singapore Middle Distillates inventories 30.7% below average.
- US 321 crack down -0.5$/bbl at 22.68$/bbl
- US gasoline crack down -0.4$/bbl at 16$/bbl
- US ULSD crack down -0.5$/bbl at 36.03$/bbl
- EU Gasoline-Brent down -0.6$/bbl at 9.62$/bbl
- EU Gasoil-Brent down -0.3$/bbl at 22.31$/bbl
Source: EIA / MNI
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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