OIL PRODUCTS: Mid-Day Oil Products Summary: Diesel Cracks Fall
Nov-19 12:12
Diesel cracks are unwinding some of yesterday’s strong gains, driven by the looming US sanctions deadline on Rosneft and Lukoil on Friday, ahead of today’s EIA data release.
- US ULSD crack down 1.9$/bbl at 50.83$/bbl
- US gasoline crack down 0.7$/bbl at 22.49$/bbl
- US 321 crack down 1.1$/bbl at 31.95$/bbl
- EU Gasoil-Brent down 1.4$/bbl at 34.81$/bbl
- EU Gasoline-Brent down 0.2$/bbl at 15.66$/bbl
- The EIA weekly petroleum inventory data for the week ending Nov. 14 is due today at 10:30ET (15:30GMT). Data is expected to show a crude draw of 1.0mbbl and with a build of 0.59mbbl for gasoline and draw of 0.98mbbl for distillates and a 0.78 percentage point rise in refinery utilisation, a Bloomberg survey shows.
- Local residents have reported an attack on the Ilsky oil refinery in Russia’s Krasnodar region overnight, according to ASTRA.
- Phillips 66 Sweeny refinery and petchem complex in Texas reported a planned startup between Nov 16-20 according to a regulatory filing.
- Serbia’s Russian owned NIS oil company has filed a request with the US treasury for a sanctions exemption the company said on Wednesday. It comes as the country seeks to keep its only refinery running.
- Port of Fujairah oil product stocks fell 5.3% on the week, or 1.16mbbl, to 20.65mbbl in the week ended Nov. 17 led by residual fuels and light distillates, according to FOIZ data cited by Platts.
- Japanese oil product stocks fell 3% w/w across Nov. 9-Nov. 15 to 6.45m kilolitres (40.54m bbl), according to Petroleum Association of Japan data.
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EURIBOR OPTIONS: Large Call Spread buyer
Oct-20 12:11
ERH6 98.25/98.37cs, bought for 1.5 in 30k (ref 98.075, 10del).
CHF: EURCHF Nearing Key Support Ahead Of Inaugural SNB Meeting Notes
Oct-20 12:09
- Price action last week saw EURCHF break notably below 0.9300, a support level that has broadly been respected over the last six months. Spot has subsequently narrowed the gap to a crucial cluster of support between 0.9206-22, with Friday's 0.9219 print further strengthening the significance of this area from a technical viewpoint. Clearance of the lows would place EURCHF at its lowest since the peg removal in 2015.
- Domestically in Switzerland, last week's SECO forecasts would be consistent with an SNB policy rate of 0% for the foreseeable future. In real, trade weighted terms, the Franc stands only around 0.7% below the April highs. Clearance of these highs could prompt the SNB to harden their language on the Franc once again, having maintained their usual currency rhetoric in recent months that they remain “willing to be active in the foreign exchange market as necessary".
- This brings particular focus on the inaugural edition of the SNB meeting minutes, which will be published this Thursday. In the minutes, alongside any view on FX valuations, we will look for more insight on whether Chairman Schlegel's non-mention of side effects of potential negative rates in his September opening remarks was a dovish or hawkish policy signal.
- Société Générale write today they "remain in wait-and-see mode" but that "there is merit in […] the safe -haven qualities of the CHF, relative to the EUR and GBP".
- Given the illiquidity back in 2015, support levels below 0.9200 are hard to pin-point. Fibonacci projection levels would place immediate attention on 0.9099 and 0.9032. USDCHF cycle lows at 0.7829 remain the key medium-term support level for the pair.
STIR: Repo Reference Rates: Retreat
Oct-20 12:02
- Secured Overnight Financing Rate (SOFR): 4.18% (-0.12), volume: $3.022T
- Broad General Collateral Rate (BGCR): 4.16% (-0.09), volume: $1.180T
- Tri-Party General Collateral Rate (TCR): 4.16% (-0.09), volume: $1.145T
- (rate, volume levels reflect prior session)
