OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Fall
Mar-14 11:47
US cracks are slightly lower on the day. Diesel is on track for a weekly decline after a drop in implied demand this week. Gasoline is slightly higher on the week after EIA data showed a larger than expected draw in stocks earlier this week.
- US ULSD crack down 0.2$/bbl at 23.84$/bbl
- US gasoline crack down 0.1$/bbl at 22.8$/bbl
- US 321 crack down 0.2$/bbl at 23.14$/bbl
- ARA oil product stockpiles according to Insights Global: Inventory type, latest level, weekly change (all in kmt) as follows: Gasoline: 1,510, -141, Naphtha: 433, +41, Gasoil: 2,273, -95, Fuel Oil: 1,206, -11, Jet Fuel: 849, +35
- Ukraine launched a drone attack on Russia's southern Krasnodar region targeting the Tuapse refinery causing a gasoline fuel tank fire.
- Nigeria’s Dangote refinery has bought its first cargo of Equatorial Guinea’s medium sweet Ceiba crude, Argus reports.
- China’s LNG heavy-duty truck (HDT) mileage surged 45.3% in Jan-Feb year on year, while diesel HDT mileage fell 5.6%, reflecting LNG’s persistent cost advantage, OilChem said in its monthly outlook.
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OUTLOOK: Price Signal Summary - WTI Bounce Highlights A Potential Reversal
Feb-12 11:40
- On the commodity front, a bull cycle in Gold remains in play and the yellow metal is trading closer to its recent highs. The continued appreciation once again confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a 2.00 projection of the Nov 14 - Dec 12 - 19 price swing. The first key support to watch is $2779.3, the 20-day EMA.
- In the oil space, WTI futures have recovered from their recent lows. This highlights the fact that the 50-day EMA - at $72.21, despite being pierced, has provided firm support. Moving average studies remain in a bull mode condition highlighting a dominant uptrend. The latest recovery also signals a stronger reversal of the Jan 15 - Feb 6 bear leg. Sights are on $75.18, the Feb 3 high. Key short-term support and the bear trigger lies at $70.43, the Feb 6 low.
EURIBOR: Put Condor buyer
Feb-12 11:28
ERM5 97.8125/97.75/97.6875/97.5625 broken p condor, bought for half in 8k.
LOOK AHEAD: Wednesday Data Calendar: CPI & Revisions, Fed Chair Powell in House
Feb-12 11:28
- US Data/Speaker Calendar (prior, estimate)
- 12-Feb 0700 MBA Mortgage Applications (2.2%, --)
- 12-Feb 0830 CPI MoM (0.4%, 0.3%), YoY (2.9%, 2.9%)
- 12-Feb 0830 CPI Ex Food & Energy MoM (0.2%, 0.3%), YoY (3.2%, 3.1%)
- 12-Feb 0830 Real Avg Weekly Earnings YoY (0.5% revised, --)
- 12-Feb 1000 Fed Chair Powell House Financial Services testimony
- 12-Feb 1130 US Tsy $62B 17W bill auction
- 12-Feb 1200 Atlanta Fed Bostic economic outlook (no text, Q&A)
- 12-Feb 1300 US Tsy $42B 10Y Note auction (91282CMM0)
- 12-Feb 1400 Federal Budget Balance (-$86.7B, -$94.8B)
- 12-Feb 1705 Fed Gov Waller on Stablecoins (text, Q&A)
