OIL PRODUCTS: Crack spreads stronger after recent dip
May-20 2022 08:59
Crack spreads and refining margins stronger after recent falls.
- Oil product spreads followed the wider market drop and the fall in flat price yesterday but have since rebounded strongly especially for gasoline.
- US Gasoline crack up 4.5% to 50.83$/bbl after falling as low as 42.1$/bbl yesterday
- US 321 crack spread up 4% today to 50.1$/bbl
- US diesel crack also higher up 1.1% to 47.7$/bbl after falling all month from a peak of 73.65$/bbl
- European spreads are also rebounding with Gasoil- Brent up 2% to 28$/bbl and the FCC margin up to 17.34$/bbl after falling from a peak of 21$ earlier this week.
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USD: Broader base selling
Apr-20 2022 08:52
- Underpinned Equities, keeps the Dollar offered, and at session low against the AUD, EUR, CAD, CHF, NOK and SEK.
- Also turning offered versus the GBP, CNY, CNH.
- EURUSD test immediate resistance, right here at 1.0831 High Apr 15. Further upside momentum, would open to 1.0909 20-day EMA
EQUITIES: Estoxx edges higher
Apr-20 2022 08:45
- Estoxx (VGM2) Makes a second attempt at the 7 days high at 3797.00.
- As noted, the contract has been stuck in a 3684/3797 range for the past 7 sessions.
Chart source: MNI/Bloomberg
USD: NZDUSD up 0.62%
Apr-20 2022 08:37
- Similar price action in NZDUSD as in AUDUSD, with the Kiwi second best performer in G10 against the USD (After the Aussie).
- NZDUSD is up 0.62%, after the pair traded at the lowest level since the 28th February on Monday.
- Next upside resistance is seen at 0.6810, but better is seen towards 0.6834
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