OIL PRODUCTS: Oil Products End of Day Summary: Cracks Fall on Week
Dec-19 19:39
Diesel cracks are weaker today, extending the downtrend lower so far this month as refining runs have recovered while Russian diesel is still finding buyers despite US sanctions.
- US ULSD crack down 0.8$/bbl at 32.58$/bbl
- ULSD JAN 26 down 0.3% at 2.12$/gal
- US gasoline crack down 0.1$/bbl at 15.15$/bbl
- RBOB JAN 26 up 0.5% at 1.71$/gal
- US 321 crack down 0.3$/bbl at 20.96$/bbl
- Diesel cracks are set for a decline of 7% on the week, while gasoline cracks are set to fall 6% week on week.
- Total Russian refined product exports fell about 1% from the November average to about 1.98mb/d in the first 15 days of December, according to Vortexa data cited by Bloomberg.
- Kazakhstan refineries processed a record 16.6m tonnes of crude oil in January-November 2025, KazMunayGas said cited by Interfax.
- Gunvor’s Clearlake Shipping has hired the tanker Red Nova to transport around 2m bbl of crude oil from the US Gulf Coast to Nigeria’s 650k b/d Dangote refinery, Bloomberg said.
- Asia’s prompt hi-5 fuel oil spread narrowed by over 10% week-on-week, as HSFO gained some support while VLSFO remained largely stable, Reuters said
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SOFR OPTIONS: Scale Seller Dec'25 SOFR Midcurve Call Spread
Nov-19 19:35
- -50,000 0QZ5 97.00/97.25 call spds, 4.25-4.0 ref 96.915
US STOCKS: Late Equities Roundup: Remain Mixed, Focus Still on Nvidia Earnings
Nov-19 19:30
- US equity indexes held inside session ranges late Wednesday, the DJIA underperforming as it looked to extend session lows. Markets still digesting the October FOMC minutes release that showed rate cut opinions "strongly differed". Participants await the release of Nvidia Q3 earnings after the close.
- Currently, the DJIA trades down down 144.48 points (-0.31%) at 45946.4, S&P E-Minis down 6.5 points (-0.1%) at 6632.75, Nasdaq up 24.7 points (0.1%) at 22456.95.
- Communication Services and Information Technology sector shares continued to lead advances in the second half, media & entertainment stocks buoyed the former: Alphabet +3.33%, TKO Group Holdings +1.92%, Take-Two Interactive Software +1.51% and Match Group +0.38%.
- Chip makers primarily supported the tech sector: ON Semiconductor +3.99%, KLA Corp +3.20%, Applied Materials +3.20%, Lam Research +2.99%, Broadcom +2.35%, Seagate Technology +1.87% and NVIDIA +1.83%
- Conversely, Energy and Consumer Staples sector shares continued to underperform, a drop in crude prices (WTI -1.30 at 59.44) weighing on oil and gas stocks: Valero Energy -2.77%, APA -2.73%, EOG Resources -2.58%, Phillips 66 -2.37% and Occidental Petroleum -2.25%.
- Meanwhile, broadline retailers weighed on the Consumer Staples sector: Archer-Daniels-Midland -5.80%, Bunge Global -3.51%, Target -2.78%, Dollar General -2.15% and Estee Lauder Cos -1.92%.
USDJPY TECHS: Clears to New Highs
Nov-19 19:30
- RES 4: 157.87 High Jan 10
- RES 3: 157.27 3.0% Upper Bollinger Band
- RES 2: 157.24 2.382 projection of the Sep 17 - 26 - Oct 1 price swing
- RES 1: 156.80 High Nov 19
- PRICE: 156.79 @ 17:25 GMT Nov 19
- SUP 1: 153.68 20-day EMA
- SUP 2: 152.82 Low Nov 7
- SUP 3: 151.74 50-day EMA
- SUP 4: 150.47 Low Oct 21
USDJPY rallied again Wednesday, topping several resistance levels to extend the bull run. This also confirms once again, a resumption of the uptrend. Note that moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Sights are on 157.24 next, a Fibonacci projection. Support to watch is 153.68, the 20-day EMA. A clear breach of the average is required to signal scope for a corrective pullback.
