OIL PRODUCTS: Oil Products End of Day Summary: Cracks Soften
Gasoline cracks are slightly lower today, while diesel cracks have recovered some earlier losses amid Russian refinery disruption.
- US gasoline crack down 0.2$/bbl at 20.86$/bbl
- US ULSD crack down 0.1$/bbl at 34.62$/bbl
- Marathon Petroleum reported a flare event from late September to early October at its 365k b/d Carson refinery in California, according to a South Coast Air Quality Management District filing
- The US generated fewer renewable blending credits in August than July, according to Reuters citing data from the EPA Sep 18.
- European ARA Gasoil stocks edged slightly lower on the week to pause the trend higher since late July, according to Insights Global.
- China’s exports of refined oil products in August rose 8.5% y/y to 5.33m mt but were down slightly (0.13%) from July: customs data.
- Singapore total oil inventories edged down again in the week to Sep. 17 by 1,003kbbl to 49.495mbbl driven by a drop in fuel oil stocks, according to Enterprise data.
- Ukraine’s Special Operations Forces attacked the Volgograd refinery in Russia overnight they said via Telegram.
- Two Ukrainian drones attacked the Gazprom Neftekhim Salavat (petchem) refinery complex in Russia’s Bashkortostan region overnight according to the regional head via Telegram. The regional governor said the refinery is operating as normal.
- Russia’s seaborne oil product exports in August were up 8.9% on July at 9.44m mt on rising fuel production, Reuters said.
- Russian gasoline prices are breaking records, and wholesale gasoline sales have fallen to a two-year low, according to Ukrainska Pravda citing Kommersant.
- MNI: Impact for Russian Energy as Drone Strikes Persist: Read Full Report Here
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EURGBP TECHS: Has Breached Support
- RES 4: 0.8769 High Jul 28
- RES 3: 0.8744 High Aug 7
- RES 2: 0.8682 High Aug 8
- RES 1: 0.8652 20-day EMA
- PRICE: 0.8648 @ 15:57 BST Aug 19
- SUP 1: 0.8597 Low Aug 14
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
Recent weakness in EURGBP resulted in a breach of key support at 0.8611, the Jul 31 low, and pierced the 50-day EMA, at 0.8616. A continuation lower would strengthen a bearish threat and highlight a stronger reversal of the uptrend between May 29 and Jul 28. This would open 0.8562, a Fibonacci retracement point. For bulls, a reversal higher would instead refocus attention on key resistance and the bull trigger at 0.8769, the Jul 28 high.
PIPELINE: Corporate Bond Update: $15.9B to Price Tuesday
- Date $MM Issuer (Priced *, Launch #)
- 08/19 $5B *IBRD (World Bank) 10Y SOFR+60
- 08/19 $4B *EIB 5Y SOFR+39
- 08/19 $1.25B #Allianz Perp-NC8.7 6.55%
- 08/19 $1B #DBJ 3Y SOFR+50
- 08/19 $1B #MetLife $600M 3Y +45, $400M 3Y SOFR+70
- 08/19 $750M #CCDJ 5Y +75
- 08/19 $700M #National Rural Utilities 3Y +48
- 08/19 $600M #Pricoa Global Funding 7Y +73
- 08/19 $600M #MassMutual 10Y +78
- 08/19 $500M #Hanover Insurance 10Y +120
- 08/19 $500M #American National Grp 30NC5 7%
- Expected Wednesday:
- 08/20 $Benchmark British Colombia 5Y SOFR+56
- 08/20 $Benchmark ADB 5Y SOFR+42a
US: FED Reverse Repo Operation
RRP usage retreats to $22.344B this afternoon from $38.240B yesterday, total number of counterparties at 29. Nearing last Thursday's lowest usage of the year at $28.818B on Wednesday, April 16 -- in turn the lowest level since April 2021.
