OIL PRODUCTS: Oil Products End of Day Summary: Diesel Cracks Rise
Dec-05 19:25
Diesel cracks have risen as the market assesses overnight Ukrainian strikes on Russian energy infrastructure, as well as potentially longer maintenance at Kuwait’s Al-Zour refinery.
- US gasoline crack down 0$/bbl at 16.97$/bbl
- US ULSD crack up 1.7$/bbl at 39.24$/bbl
- The Gasoil-Brent spread has fallen back from a high of over $36/bbl on Nov. 18 to the lowest since mid-October around 24.7$/bbl. The crack is still high relative to levels seen this year prior to mid-October.
- Refining margins are expected to stay supported in Q1 but ease from Q2 onwards after the market adjusts to new sanctions, FGE NexantECA said.
- Total Russian refined product exports rebounded about 10%, from a low the previous month, to a three month high of 2.03mb/d in November, according to Vortexa data cited by Bloomberg.
- Ukraine has claimed the overnight attacks on the Syzran refinery and Temryuk seaport and adds that recent attacks on the Saratov refinery led to a ‘complete’ suspension of primary crude oil processing.
- Platts will stop reflecting oil products derived from Russian crude from its European price assessment process.
- China’s small independent refineries are set to keep benefiting from cheap sanctioned crude supplies in 2026, but their buying remains limited by government-set import quotas, Platts said.
- Suncor reported flaring at its Sarnia refinery in Ontario due to a process interruption according to a community alert.
- Al-Zour refinery maintenance is now expected until late-December, compared to a December 9 restart previously expected, according to The Officials.
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SOFR OPTIONS: Large Mar'26 SOFR Call Spread Buy
Nov-05 19:18
- +25,000 SFRH6 96.62/96.81 call spds, 2.75 ref 96.395
US STOCKS: Late Equities Roundup: Overbought Tech Sector Concerns Cool
Nov-05 19:13
- Stocks have recovered from the prior session's sell-off Wednesday, back to or near late Monday levels. Currently, the DJIA trades up 258.93 points (0.55%) at 47342.77, S&P E-Minis up 48.25 points (0.71%) at 6850.75, Nasdaq up 264.4 points (1.1%) at 23620.13.
- Information Technology sector shares led gainers on the day, rebounding after opinions of the tech sector tied to AI has been overbought dissipated: Seagate Technology +12.62%, Micron Technology +8.69%, Western Digital +7.88%, First Solar +6.30% and Teradyne +6.26%.
- Communication Services and Consumer Discretionary sector shares followed: Match Group +6.69%, Paramount Skydance +2.83%, Charter Communications +2.33% and Meta Platforms +2.22% buoyed the Communication sector while the Discretionary sector was supported by Lululemon Athletica +5.12%, Wynn Resorts +4.17%, Marriott International +4.00%, Ford Motor +3.64% and Tesla +3.53%.
- Second half declines were led by a mix of Consumer Staples, Health Care and Utilities: Zimmer Biomet Holdings -14.38%, Live Nation Entertainment -7.95%, Charles River Laboratories -7.82%, Humana -7.63%, Axon Enterprise -7.61% and Archer-Daniels-Midland -4.81%.
- Earnings expected after today's close include: Albemarle Corp, McKesson Corp, Fortinet Inc, APA Corp, Duolingo Inc, Lucid Group Inc, DoorDash Inc, Snap Inc, AppLovin Corp, Robinhood Market, Lyft Inc, Enovix Corp, QUALCOMM Inc, Dutch Bros Inc and Fair Isaac Corp.
EURGBP TECHS: Bullish Trend Sequence
Nov-05 19:00
- RES 4: 0.8865 1.764 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 3: 0.8848 1.618 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 2: 0.8835 High May 3 2023
- RES 1: 0.8830 Intraday high
- PRICE: 0.8819 @ 15:58 GMT Nov 5
- SUP 1: 0.8763 Low Nov 3
- SUP 2: 0.8741 20-day EMA
- SUP 3: 0.8707 50-day EMA
- SUP 4: 0.8656 Low Oct 8 and a key support
A bull cycle in EURGBP remains intact. The break last week of resistance at 0.8769, the Jul 28 high and a bull trigger, confirms a resumption of the uptrend and this week's fresh cycle high reinforces current conditions. Sights are on 0.8835, the May 3 2023 high. Initial support lies at 0.8763, the Nov 3 low. Note that the trend is overbought, a pullback would be considered corrective.
