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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
Four week US distillates and gasoline demand both fell again this week to add downward pressure to crude and crack spreads. Distillates consumption is once again below the seasonal five year range and following the drop in demand seen this time last year.
- Gasoline demand has fallen nearly 0.5mbld over the last three weeks and close to levels seen this time last year. A decline in demand is expected at this time of year but the recent drop has been faster than in previous years.
- Crude and gasoline markets are trading lower with WTI below 70$/bbl for the first time since early July. Brent has fallen through the next support level at the Fibonacci retracement at 75.07$/bbl.
- Brent FEB 24 down -3% at 74.9$/bbl
- WTI JAN 24 down -3.5% at 69.78$/bbl
- US gasoline crack down -0.8$/bbl at 15.79$/bbl
- US ULSD crack up 0.3$/bbl at 38.69$/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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