OIL PRODUCTS: Oil Products End of Day Summary: Diesel Cracks Slide
Diesel cracks have slipped today, resuming the ongoing climbdown since mid-November.
- US ULSD crack down 0.9$/bbl at 33.36$/bbl
- ULSD JAN 26 down 0.7% at 2.13$/gal
- Pemex’s 340k b/d Deer Park, Texas refinery owned by Petróleos Mexicanos in the United States, will enter maintenance in 2026 according to Mexican President Claudia Sheinbaum.
- ARA oil product stocks: Gasoil: -36k mt to 1,971k mt, Gasoline: +112k mt to 1,217k mt, Fuel Oil: +2k at 1,135k mt, Jet Fuel: +6k mt to 1,122k mt, Naphtha: -6k mt to 553k mt
- Singapore total oil inventories fell by 1.268mbbl in the week to Dec. 17 to 48.145mbbl driven by a drop in fuel oil stocks, according to Enterprise data cited by Bloomberg.
- Onshore fuel oil stockpiles in Singapore fell 5.4% w/w to 24.66 million barrels in the week to December 17, according to Enterprise Singapore data. Stocks remained well above average.
- China's exports of refined oil products dropped 2.2% year-on-year in November but rose 13.3% from the previous month to 5.12m metric tons, customs data showed.
- China’s oil product exports fell 2.2% year on year in November but rose 13.3% from October to 5.12m tons, General Administration of Customs data showed.
- Saudi Arabia’s 465kb/d Satorp refinery has completed planned maintenance, according to a post on X from Dec. 17.
- Chennai Petro will expand the Manali refinery to 14m mtpa from 10.5m mtpa
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US: FED Reverse Repo Operation
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.
EURGBP TECHS: Trend Needle Points North
- 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.
PIPELINE: Corporate Bond Update: $6B Pfizer 7Pt Launched
- 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
