OIL: Oil Products End of Day Summary: Cracks Slide
Sep-19 18:43
Cracks are lower today with product price declines outpacing crude’s fall.
- US ULSD crack down 0.9$/bbl at 33.92$/bbl
- US gasoline crack down 0.8$/bbl at 20.18$/bbl
- Global gasoline markets are showing unusual late-summer strength as refinery outages limit supply even after the peak travel season, according to Bloomberg. Crack spreads have eased lower in recent days but remain stronger since the start of the month.
- Late summer purchase tenders from Indonesia’s Pertamina are adding to tightness and price strength in Asia gasolines markets as the country faces fuel shortages.
- Russian oil product exports are about 300kb/d below the preceding three Septembers according to initial Vortexa data cited by Bloomberg.
- Russia’s September exports of ULSD from Primorsk are scheduled to fall by 14.5% from August to 1.1m mt, Reuters said.
- Exxon’s Port Jerome/Gravenchon refinery is halting one of its units, according to a community alert released on Sep. 18.
- Pemex Deer Park refinery had a compressor trip and flaring at its distillation unit 1 Sep. 17, according to a filing submitted to the TCEQ.
- The net global oil refining capacity is expected to rise by 537,000 b/d in H2 2025, BNEF said.
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USDJPY TECHS: Sights Are On Trendline Support
Aug-20 18:30
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 151.21 High Mar 28
- RES 2: 150.92 High Aug 1 and a key resistance
- RES 1: 148.52 High Aug 12
- PRICE: 147.06 @ 16:18 BST Aug 20
- SUP 1: 146.21 Low Aug 14
- SUP 2: 145.86 Low Jul 24
- SUP 3: 145.47 100-dma
- SUP 4: 145.40 50% retracement of the Apr - Aug Upleg
USDJPY remains in consolidation mode. A bearish threat is present as the pair trades closer to its recent lows. Sights are on support at 145.86, the Jul 24 low. Clearance of this level would highlight a stronger S/T reversal and strengthen the bearish engulfing signal on Aug 1. This would open 144.69, a trendline drawn from the Apr 22 low. Initial firm resistance to watch is 148.52, the Aug 12 high. A breach of it would be viewed as a bull signal.
US TSYS: Post-July FOMC Minutes React Update: Support Cools
Aug-20 18:15
Slightly hawkish minutes (pre-NFP) sees support in Tsys gradually cooling.
- Tsy Sep 10Y contract trades at 111-28 (+3.5) vs. 112-00.5 high, 10Y yield rises to 4.2887%.
- Initial technical support well below at 111-11 (50-day EMA); resistance above at 112-15.5 (High Aug 5 and the bull trigger).
- Curves mixed: 2s10s -1.100 at 54.510, 5s30s +.806 at 109.048.
US TSY OPTIONS: BLOCK: 30Y Ultra-Bond Funded Skew Play
Aug-20 18:09
- -5,000 WNU5 117.5 puts 30 vs. 117-16/0.50%
- vs. +5,000 WNV5 116/119 put over risk reversal, 10 net vs. 117-08/0.75% at 1355:39ET
