OIL PRODUCTS: Oil Products End of Day Summary: Cracks Strengthen
Cracks are stronger today, with product price falls outpaced by losses in crude.
- US ULSD crack up 0.6$/bbl at 31.28$/bbl
- ULSD SEP 25 up 0% at 2.26$/gal
- US gasoline crack up 0$/bbl at 23.34$/bbl
- RBOB SEP 25 down 0.8% at 2.07$/gal
- US 321 crack up 0.2$/bbl at 25.99$/bbl
- 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 yesterday showed draws for US crude, distillates and gasoline inventories with refinery utilization rising to 96.9% and the highest seasonal level since 2019.
- Nayara Energy has sought help from India’s shipping ministry to get vessels for the movement of its refined fuels, a government source told Reuters.
- Indian Oil has shut a fluidized catalytic cracking unit and a FCC gasoline desulphurisation unit at its 275k b/d refinery in the western state of Gujarat for maintenance, Bloomberg reports citing sources.
- A fire after a drone attack at the Afipsky refinery in southern Russia has been extinguished, Bloomberg reports citing local emergency services. The refinery is operating normally, the press service for the refinery said.
- Sharp drops in Atlantic Basin diesel cracks hit refining margins hard, according to a report by FGE Nexant ECA cited by Bloomberg.
- Low diesel stockpiles worldwide are countering the downward pressure on crude oil prices from rising OPEC+ supply, Reuters reports.
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USDJPY TECHS: Bounce Extends
- RES 4: 149.28 High Apr 3
- RES 3: 148.65 High May 12 and a reversal trigger
- RES 2: 148.03 High Jun 23
- RES 1: 146.77/98 76.4% of the Jun 23 - Jul 1 bear leg / Intraday high
- PRICE: 146.79 @ 16:26 BST Jul 8
- SUP 1: 144.95 50-day EMA
- SUP 2: 144.23/142.68 Low Jul 7 / 1
- SUP 3: 142.12 Low May 27 and a key short-term support
- SUP 4: 141.96 76.4% retracement of the Apr 22 - May 12 upleg
USDJPY continues to appreciate. The latest recovery has resulted in a breach of the 50-day EMA, at 144.95, and the daily close above the EMA highlights a stronger reversal. 146.19, the Jun 24 high, has been cleared. Sights are on 146.77, a Fibonacci retracement. It has been pierced, a clear break would open 148.03, the Jun 23 high. Support points to watch are 144.95, the 50-day EMA, and 144.23, the Jun 7 low.
EURGBP TECHS: Holding On To Most Of Its Recent Gains
- RES 4: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing
- RES 3: 0.8738 High Apr 11 high and a key resistance
- RES 2: 0.8694 High Apr 14
- RES 1: 0.8670 High Jul 02
- PRICE: 0.8630 @ 16:25 BST Jul 8
- SUP 1: 0.8597 Low Jul 7
- SUP 2: 0.8555/8507 20- and 50-day EMA values
- SUP 3: 0.8459 Low Jun 11
- SUP 4: 0.8407 Low Jun 4
The trend condition in EURGBP remains bullish and the cross is holding on to the bulk of its recent gains. Moving average studies are in a bull-mode position - highlighting a dominant uptrend. 0.8648, 76.4% of the Apr 11 - May 29 downleg, has been pierced. A continuation higher would further strengthen bullish conditions and open 0.8738, the Apr 11 high and a key resistance. Support to watch lies at 0.8555, the 20-day EMA.
PIPELINE: Corporate Bond Update: $2.25B American Honda 3Pt Launched
- Date $MM Issuer (Priced *, Launch #)
- 07/08 $3B *IADB (Inter-American Development Bank) 10Y SOFR+61
- 07/08 $2.25B #American Honda $900M 2Y +65, $600M 2Y SOFR+87, $750M 7Y +100
- 07/08 $Benchmark BFCM 3.25Y +72, 3.25Y SOFR+99
- 07/08 $750M Gray Media 7NC investor calls
- Potential roll-over from Monday:
- 07/?? $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
- 07/?? $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y
