OIL PRODUCTS: Oil Products End of Day Summary: Diesel Cracks Rise
Jul-31 18:26
Diesel cracks have regained some ground today after a higher-than-expected US build for distillates pushed the crack to its lowest level since late-June yesterday.
- US gasoline crack down 0.1$/bbl at 22.05$/bbl
- US ULSD crack up 0.2$/bbl at 31.38$/bbl
- ARA oil product stocks according to Insights Global: Inventory type, latest level, weekly change (kmt) as follows: Gasoline: 1,169, -46, Naphtha: 587, +23, Gasoil: 1,730, -22, Fuel Oil: 981, -17, Jet Fuel: 823, +78
- PBF said on its Q2 results call on Thursday that its Martinez refinery was partially operational and is expected to run at reduced capacity until repairs are completed.
- An outage at Mexico’s largest refinery freed up additional barrels for export, driving a rebound in crude oil shipments, according to data compiled from shipping reports and US Customs.
- India’s Nayara Energy pulled in an Iraqi crude cargo on Wednesday according to Reuters sources – its first cargo since recent EU sanctions hampered trade.
- Monthly feedstock throughput at China’s state-owned refineries rose by 7.63% on the month to 41.1m mt in July, according to JL Consulting data cited by Bloomberg.
- Chinese oil producers are ramping up operations to prepare for the summer travel season, according to BNEF.
- Singapore oil product stocks rose 3% w/w, or 1.334m bbl, to 45.874m bbl, according to Enterprise Singapore data cited by Reuters.
- Full-year traffic measured in revenue passenger kilometres (RPKs) rose 2.6% year-on-year in May 2025, slower than May’s 5.0% annual growth pace.
- Jet fuel exports from South Korea, China and Southeast Asia to Europe are likely to hit a multi-year high in July as traders shipped out excess regional supply to cash in on higher European prices, Reuters reports.
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US TSY FUTURES: BLOCK: Sep'25 2Y Sale
Jul-01 18:10
- -12,035 TUU5 103-28.5, sell through 103-28.75 post time bid at 1354:06ET, DV01 $465,000.
- The 2Y trades 103-28.38 last (-4)
EURGBP TECHS: Bullish Trend Conditions Remain Intact
Jul-01 18:00
- RES 4: 0.8694 High Apr 14
- RES 3: 0.8648 76.4% retracement of the Apr 11 - May 29 downleg
- RES 2: 0.8624 High Apr 21
- RES 1: 0.8597 High Jul 01
- PRICE: 0.8588 @ 16:18 BST Jul 1
- SUP 1: 0.8514/8482 20- and 50-day EMA values
- SUP 2: 0.8459 Low Jun 11
- SUP 3: 0.8407 Low Jun 4
- SUP 4: 0.8356 Low May 29 and the bear trigger
The trend condition in EURGBP remains bullish and Monday’s strong start to the week reinforces current conditions. Moving average studies have recently crossed and are currently in a bull-mode position - highlighting a dominant uptrend. 0.8592, 61.8% of the Apr 11 - May 29 downleg, has been pierced. Sights are on 0.8624, the Apr 21 high. Support to watch lies at 0.8482, the 50-day EMA. Clearance of this level would highlight a possible reversal.
LOOK AHEAD: Wednesday Data Calendar: June ADP Employment
Jul-01 17:50
- US Data/Speaker Calendar (prior, estimate)
- 07/02 0700 MBA Mortgage Applications (1.1%, --)
- 07/02 0730 Challenger Job Cuts YoY (47.0%, --)
- 07/02 0815 ADP Employment Change (37k, 95k)
- 07/02 1130 US Tsy $65B 17W bill auctions
- Source: Bloomberg Finance L.P. / MNI
