OIL PRODUCTS: Fujairah Oil Product Stocks Rose Again Last Week
Port of Fujairah oil product stocks rose again last week by 9% w/w, or 1.478mbbl, to 17.812mbbl in the week ended Oct. 13 with rises across all three categories, according to FOIZ data cited by Platts.
- Light distillates rose 7.7% w/w, or 0.623mbbl, to 8.730mbbl. East of Suez gasoline found support from a higher RBOB-Brent crack and regional refinery turnarounds in Asia.
- Middle distillates rose 27.7% w/w, or 0.640mbbl, to 2.947mbbl. A narrower spread between low and medium-sulfur gasoil cargoes in the Arab Gulf was driven by limited supply of 500 ppm sulfur gasoil within the region, Platts sources said.
- Residual fuels rose 3.6% w/w, or 0.215mbbl, to 6.135mbbl. Spot trading activity in Fujairah for bunker fuel was healthy.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ECB: ECB Speak Wrap (Sep 12 – Sep 15)
For a summary of ECBspeak since the September decision, see here.
Last week’s ECB decision saw the bar to another cut pushed a little higher, with the outlook now considered to be “more balanced” and the Governing Council not willing to react to “small deviations” from the updated inflation projections. Focus in the days since the September decision has been on ECBspeak. Broadly speaking, there are three Governing Council camps that appear to be emerging:
- Those who believe downside inflation risks still dominate, and providing explicit suggestions that another cut is possible
- Those providing no commitment either way at this stage.
- Those with little appetite to deliver another cut.
FOREX: Westpac Warn Of Sustained USD Decline
As noted elsewhere, this morning’s bid in European benchmark equity indices seems to be applying pressure to the broader USD.
- Westpac have warned that the USD is at risk of a sustained decline, with particular focus on inflation risks limiting the Fed’s cutting cycle and prolonging a weaker economic growth profile in the U.S. (along with ongoing fiscal uncertainty).
- As a result, Westpac expect “the DXY to slowly retreat to roughly halfway between its 10-year and 20-year averages, respectively 98.5 and 90.3, with a low of around 93.5 forecast for the second half of 2027”… “Underlying this trend decline are steady gains for EUR/USD, from 1.17 today to 1.20 end-2026 and 1.21 end-2027, and for GBP/USD, from 1.36 currently to 1.38 end-2027”.
EQUITIES: E-Minis Away From Highs After China Says Nvidia Violates Laws
E-minis tick lower as BBG headlines note that China’s preliminary probe found that Nvidia violated the country’s anti-monopoly laws, with the Chinese regulators set to conduct a further probe of Nvidia’s behaviour. The NASDAQ 100 contract is understandably under the most pressure, last trading little changed on the day, a little over 50 points off session highs.
