OIL PRODUCTS: Oil Products End of Day Summary: Cracks Climb
Aug-21 18:18
Cracks are rising on the back of stronger product pricing amid refinery disruption in recent days.
- US gasoline crack up 0.4$/bbl at 19.83$/bbl
- US ULSD crack up 1.3$/bbl at 33.89$/bbl
- BP’s 440k b/d Whiting refinery was in the process of restarting after floods disrupted operations earlier this week, IIR said on Wednesday, cited by Reuters.
- European ARA Gasoil stocks surged higher on the week up to levels at this time of year in 2023 although still below last year and the five-year seasonal average, according to the latest Insights Global data cited by Bloomberg. Gasoline stocks were largely unchanged.
- The volume of gasoline exported from NWE and the Mediterranean hit a high last seen in May, amid a tighter market in WAF as Dangote's key gasoline-making unit remains offline, Platts said.
- Ukraine says it has attacked Russia’s 100k b/d Novoshakhtinsk refinery, according to Bloomberg.
- Singapore’s oil product stockpiles fell by 325k bbls w/w to ~47.9m bbls as of Aug. 20, falling from a four-month high, according to government data cited by Bloomberg.
- China’s refined product exports – gasoline, gasoil, and jet fuel – totalled 3.72m mt in July, rising 29.6% on the month and 20.4% on the year, OilChem said citing GACC data.
- Front month USGC HSFO pricing rose slightly yesterday despite a rise in US Gulf coast residual fuel oil stocks in the latest EIA data release, with global stockpiles still tight.
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ECB: BofA See The ECB Having Perfect Cover To Defer Action To September
Jul-22 18:17
- BofA expect "no change in policy rates and only fine-tuning in communication" with Thursday's ECB decision.
- “Lagarde will have to acknowledge how recent developments have heightened the risks already flagged in the June meeting. But she will insist on the ECB being in a good position to navigate the uncertain conditions coming up. She is likely to remain firm on deciding meeting-by-meeting and not pre-committing.”
- “Most developments since June would suggest more disinflation ahead, with increased risks of a persistent inflation undershoot. However, the lack of urgency shown in June, together with no major surprises in either activity or inflation data, a bit more frontloaded German fiscal stimulus and renewed uncertainty, all provide the perfect cover for the next forecasting exercise being the right time to take further decisions.”
- “Come September it will be harder for them to claim they are in a good position. The new set of forecasts will struggle to keep 2027 inflation at 2%, while we doubt trade developments will be better than what is already assumed in ECB forecasts.”
- “Absent major surprises in real rates or the currency, we still have strong conviction in the ECB cutting then and again in December.”
US: US Pres Trump via Truth Social on Lawsuits vs. Media Companies
Jul-22 18:15
- Donald J. Trump @realDonaldTrump
- BREAKING NEWS! We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount. Just like ABC and George Slopadopoulos, CBS and its Corporate Owners knew that they defrauded the American People, and were desperate to settle. Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners, in Advertising, PSAs, or similar Programming, for a total of over $36 Million Dollars. This is another in a long line of VICTORIES over the Fake News Media, who we are holding to account for their widespread fraud and deceit. The Wall Street Journal, The Failing New York Times, The Washington Post, MSDNC, CNN, and all other Mainstream Media Liars, are ON NOTICE that the days of them being allowed to deceive the American People are OVER. MAKE AMERICA GREAT AGAIN!
MNI EXCLUSIVE: Ex-BOC Adviser On Canadian Monetary Policy Outlook
Jul-22 18:12
MNI interviews former BOC adviser on Canadian monetary policy outlook, framework -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
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