OIL PRODUCTS: Oil Products End of Day Summary: Cracks on the Rise
Aug-08 18:25
Diesel cracks are higher today, supported by overall tightness in inventories globally.
- US gasoline crack up 0.3$/bbl at 23.74$/bbl
- US ULSD crack up 0.6$/bbl at 31.78$/bbl
- Egypt has cancelled over 2m bbl of petroleum cargoes it acquired when gas supplies to Israel were briefly cut, after securing LNG cargoes to meet its power demand, Bloomberg said.
- Exxon’s residue upgrade project in Singapore could result in 200-250k b/d of WTI crude being swapped out with other crudes like Al Shaheen with higher VGO yields, according to Sparta Commodities analyst June Goh.
- China’s daily gasoline consumption is seen at 436k mt/d in August, rising 2% on July, but down 5.7% on the year, OilChem said.
- ARA stocks (Insights Global): Gasoil: +34k mt to 1,764k mt, Gasoline: -45k mt to 1,124k mt, Fuel Oil: +51k at 1,032k mt, Jet Fuel: +39k mt to 862k mt, Naphtha: -36k mt to 551k mt
- Singapore oil product stocks rose 4.6% w/w, or 2.124m bbls, to 47.998m bbls, a 15-week high, according to government data cited by Reuters.
- EIA data on Wednesday showed draws for US crude, distillates and gasoline inventories with refinery utilization rising to 96.9% and the highest seasonal level since 2019.
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STIR: Projected Rate Cuts Steady to Pre-Minutes Levels
Jul-09 18:18
- Projected rate cut pricing has gained momentum vs morning (*) levels: Jul'25 at -1.7bp (-1.2bp), Sep'25 at -18.6bp (-17.3bp), Oct'25 at -33.7bp (-31.7bp), Dec'25 at 52bp (-49.3bp).
US TSYS: Update: Post June FOMC Minutes React
Jul-09 18:16
- Treasury futures extending session highs after June FOMC minutes released - Tsy Sep'25 10Y futures currently trade +15.5 at 111-08.5 (110-23.5L / 111-08.5H), resistance to watch is at 111-28, the Jul 3 high.
- Curves mixed: 2s10s -2.429 at 48.025; 5s30s +0.555 at 95.738.
- USD inching lower, Bbg index BBDXY -0.20 at 1196.44; US stocks firmer but off early session highs: SPX eminis +25.75 at 6297.75
US: Voters Response To OBBB Sets Up Challenging Midterm Elections For GOP
Jul-09 18:16
A new survey from YouGov has found that 53% of Americans strongly or somewhat oppose the GOP’s Big Beautiful Bill, with 35% supporting it. YouGov notes: “Opposition to the budget has risen 10 percentage points since we first asked about it in April of this year.”
- YouGov notes: “52% of Americans — including 80% of Democrats and 22% of Republicans — believe the federal budget deficit will increase as a result of Trump's budget; 11% think it will remain the same and 19% think it will decrease
- “Very few Americans support reducing or eliminating funding for four social services asked about: Social Security, Medicare, Medicaid, and SNAP … Majorities want funding to be increased for Social Security (61%) and Medicare (56%), and sizable shares do as well for Medicaid (49%) and SNAP (41%)”
- The survey highlights the political challenge for Republicans ahead of the 2026 midterm elections. While the bill's passage is a major win for the Trump administration, it appears to open the door for a Democrat messaging campaign centred on cuts to safety net programmes.
Figure 1: “Thinking about the following U.S. program, do you believe it should be given more or less funding? (% who say each program should be given...)”
Source: YouGov
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