OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Fall
May-02 11:19
US cracks are generally lower today as trade uncertainty underpins demand concerns.
- US ULSD crack down 0.1$/bbl at 25.26$/bbl
- US gasoline crack down 0.6$/bbl at 26.46$/bbl
- US 321 crack down 0.4$/bbl at 26.06$/bbl
- Kuwait National Petroleum extinguished a fire on Thursday at its Mina Abdullah Refinery’s atmospheric distillation residue desulfurization unit no. 112, according to a company statement cited by Bloomberg.
- Plans to restart a section of Nigeria’s 125k b/d Warri refinery are at risk due to an indefinite strike planned by plant support staff from May 5, Argus said.
- India’s diesel and gasoline sales increased in April from the previous month, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed cited by Bloomberg.
- Utilisation rates at PDH plants in China could fall to 59% from just under 70% if tariffs on LPG between the US and China are prolonged, Bloomberg reports citing ICIS analysis.
- Singapore total oil product stockpiles fell by 1.23m bbls to 39.1m bbls in the week to April 30, the lowest in around 2 months, according to Enterprise Singapore data cited by Bloomberg.
- The Bilbao oil refinery will restart an FCC on May 2 once it has stabilized following the power outage, according to operator Petronor.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US DATA: Mortgage Applications Continue To Track Sideways With Rates
Apr-02 11:09
MBA composite mortgage applications continued to see another mild pullback as 30Y rates further stabilized around the 6.7% level. It masks new purchase applications at one of their highest levels in the past two years but activity is still subdued on a historical basis.
- Composite applications dipped -1.6% (sa) last week after -2.0% the week prior and -6.2% before that, further chipping away at a 34% two-week increase in late Feb/early March.
- Once again, refis led the modest pullback (-5.6% after -5.3%) whilst new purchase applications saw their fifth consecutive weekly increase (most recently 1.5% after 0.7%).
- The 30Y conforming rate inched another 1bp lower to 6.70%, broadly consolidating around the 6.7% level for the past five weeks now having eased from a recent high of 7.09% in early January.
- It's a move that stoked a relatively modest uplift in activity when looking at broader trends, although activity is still subdued with new purchases at 61% of 2019 levels and refis at 41%.
EQUITIES: Longer dated Estoxx put spread
Apr-02 11:09
- SX5E (18/12/26) 4400/3400ps 1x2, bought for 53 in 2k.
The last time SX5E was trading below 4400 was over a year ago in early January 2024.
DUTCH AUCTION PREVIEW: On offer next week
Apr-02 11:02
DSTA has announced it will be looking to sell E2.0-2.5bln of the 0.50% Jul-32 DSL (ISIN: NL0015000RP1) at its auction next Tuesday, April 8.
