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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
USGC diesel flows to Europe are on track to hit a new record monthly high in Aug, exceeding those in July, Platts said.
- Multiple factors are driving the record volumes across the Atlantic including low clean tanker freight rates, depressed domestic diesel prices, coupled with limited arbitrage opportunities in the US.
- Refiners sent 11.2m bbl of diesel to Europe in July, a record level. August could break that record with a potential 13.75m bbl to NWE.
- Strong refinery utilisation rates in the US – averaging 94% in the GC have helped boost production to near all time highs of 2.995m b/d of diesel. Elevated diesel inventories domestically mean the product needs an outlet.
- Moreover, domestic diesel prices have been low, with the arb to New York closed. Shippers losing around 4 cents/gal to move gasoil from the GC to East Coast via the Colonial Pipeline.
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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