OIL PRODUCTS: Oil Products End of Day Summary: Cracks Rise
May-21 19:05
Diesel and gasoline cracks have strengthened despite unexpected stock builds, due to a sharper drop in crude.
- US gasoline crack up 0.6$/bbl at 26.73$/bbl
- US ULSD crack up 1$/bbl at 26.75$/bbl
- EIA Weekly US Petroleum Summary - w/w change week ending May 16: Gasoline stocks +816 vs Exp -1,123, Implied mogas demand -150, Distillate stocks +579 vs Exp -1,671, Implied dist demand -365, Tot product stocks +3,603, Ref runs +89
- Reuters cites IIR Energy reporting Hunt Refining has expedited and started maintenance and repairs on the fire-damaged 32,000 b/d coker unit at its 63,000 b/d refinery in Tuscaloosa, Alabama last week.
- Exxon Mobil said on Tuesday it was working on an issue at its 275,000 bpd Joliet refinery in Texas.
- The Co-op Saskatchewan refinery is to restore the majority of units from Section Five to service May 23-30 after maintenance, according to a spokesman cited by Bloomberg.
- European gasoline exports continue to pick up in May, as the transatlantic arbitrage opens ahead of the driving season, according to Vortexa cited by Bloomberg.
- India’s imports of Russian oil products are poised to hit a record high this month, driven by an unusually large inflow of dirty fuels, Bloomberg reports.
- Total Port of Fujairah oil product stocks rose 4% w/w to 20.562m bbls in the week ended May 19, following a 5% decline the week prior, according to Fujairah Oil Industry Zone data published May 21.
- China’s April fuel oil imports rose 32.2% in April to 1.83m mt, according to OilChem citing GACC data.
- Global implied passenger jet fuel demand in the week to May 26 is seen at 6.80m b/d, down 0.1% on the week and up around 4.2% year-on-year, BNEF said.
- MNI Commodity Weekly: Download Full Report Here
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US STOCKS: Late Equities Roundup: Hugging Lows
Apr-21 18:54
- Stocks are holding near deep session lows in late Monday trade, Consumer Discretionary and Information Technology sectors continue to underperform with lack of clarity and communication over trade negotiations widely sited.
- Currently, the DJIA trades down 1258.06 points (-3.21%) at 37884.8, S&P E-Minis down 180.5 points (-3.4%) at 5132 (April 10 lows, still off April 7 low of 4832.00, The Nasdaq down 596.8 points (-3.7%) at 15689.37.
- Information Technology and Consumer Discretionary sectors continued to underperform, semiconductor makers primarily weighing on the IT sector: Super Micro Computer -7.60%, Arista Networks -6.04%, NVIDIA -5.76%, Palo Alto Networks -5.47%, Oracle -5.41% and Broadcom -4.91%.
- The Consumer Staples sector weighed down by Tesla -6.91%, DoorDash -5.87%,Chipotle Mexican Grill -4.48%, Carnival -4.22%, Ross Stores -4.01% and TJX Cos -3.93%.
- A mix of Financials, interactive media and pharmaceuticals outperformed in late trade: Discover Financial Services +3.34%, Fidelity National Information +3.00%, Netflix +1.40%, Moderna +1.34% and Dollar General +1.15%.
- Equity earnings resume after the close: Hexcel Corp, Medpace Holdings Inc, W R Berkley Corp, AGNC Investment Corp and Western Alliance Bancorp reporting.
PIPELINE: Corporate Bond Update, $5B American Express 4Pt Priced
Apr-21 18:25
- Date $MM Issuer (Priced *, Launch #)
- 04/21 $5B *American Express $1.6B 4NC3 +98, $400M 4NC3 SOFR+126, $1.5B 6NC5 +108, $1.5B 11NC10 +128
- 04/21 $700M Excelerate Energy 5NC2
- 04/21 $2B QXO Inc. 7NC3 investor calls
US: FED Reverse Repo Operation
Apr-21 18:23
RRP usage rebounds to $114.114B this after noon from $58.600B last Thursday. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Usage had surged to the highest level since December 31, 2024 last Monday, March 31: $399.167B. The number of counterparties at 38.
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