OIL PRODUCTS: Oil Products End of Day Summary: Diesel Cracks Slide

Excess liquidity nearly drained: RRP usage down to $0.905B with 8 counterparties this afternoon from Monday's $3.172B. Compares to last Friday's (Nov 14) $1.559B - lowest level since mid-March 2021; this years highest excess liquidity measure: $460.731B on June 30.

• RES 4: 0.8893 2.000 proj of the Sep 15 - 25 - Oct 8 price swing    
• RES 3: 0.8875 High Apr 25 
• RES 2: 0.8868 61.8% retracement of the 2022 - 2024 bear leg
• RES 1: 0.8865 High Nov 14
• PRICE: 0.8814 @ 16:37 GMT Nov 18
• SUP 1: 0.8781 20-day EMA   
• SUP 2: 0.8769 Low Nov 10
• SUP 3: 0.8737 50-day EMA
• SUP 4: 0.8706 Low Oct 24 and a key support  

The trend condition in EURGBP remains bullish and the cross is trading closer to its recent trend highs. A fresh cycle high last week confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 0.8868 next, a Fibonacci retracement. On the downside, initial key short-term support to watch lies at  0.8781, the 20-day EMA. A break of the average would highlight the start of a corrective phase. 

• Date $MM Issuer (Priced *, Launch #)
• 11/18 $6B #Pfizer $1B 2Y +30, $500M 2Y SOFR+50, $1B 5Y +52, $1.25B 7Y +65, $1.25B 10Y +75, $500M 30Y +87.5, $500M 40Y +100.
• 11/18 $2.5B Genmab 7NC3 6.375%a, 8NC3 7.375%a
• 11/18 $1.2B #Protective Life $600M +5Y +105, $600M 10Y +12
• 11/18 $1B #Cenovius $500M +5Y +100, $500M +10Y +130
• 11/18 $900M #Spire $450M 30.5NC5.25 6.25%, $450M 30.5NC10.25 6.45%
• 11/18 $800M #Steel Dynamics $650M 3Y +63, $150M 10Y +93
• 11/18 $750M #Vale Overseas +30NC5 6.125%
• 11/18 $600M Eurofima Jan 2029 SOFR+36
• 11/18 $600M #Buenos Aires 7Y 8.125%
• 11/18 $500M #RGA Global Funding 5Y +93
• 11/18 $500M #Pricoa Global Funding 5Y +68
• 11/18 $500M #Global Atlantic Fin 30NC5 7.25%
• 11/18 $Benchmark Sharjah 10.5Y Sukuk +145a
• 11/18 $Benchmark Goldman Sachs Private Equity investor calls