OIL PRODUCTS: Oil Products Summary At European Close: Cracks Diverge
Mar-12 16:21
US diesel cracks have fallen today after EIA data showed another weekly drop in implied demand. Gasoline cracks have risen after a larger than expected decline in stocks, in part due to an increase in implied demand.
- US ULSD crack down 0.8$/bbl at 25.3$/bbl
- US gasoline crack up 0.4$/bbl at 22.71$/bbl
- US 321 crack down 0$/bbl at 23.57$/bbl
- EIA data today showed gasoline stocks fell more than expected by 5.74mbbl with a decline in production combined with an increase in weekly implied demand to the highest since November. The four week average implied gasoline demand ticked higher to remain in line with the five year average seasonal average.
- Distillates stocks drew by 1.56mbbl also driven by lower production and offsetting another drop in implied demand. However, the four week average implied demand edged higher to remain above normal for the time of year ahead of the typical decline into warmer spring weather.
- EIA data showed US jet fuel stocks drew by 1.081m bbl to 44.15m bbl in the seven days to March 7, a 2.4% fall week-on-week. Stocks remain above the five-year average level of 39.539m bbl.
- Demand for light sweet crude has shown signs of recovery in Europe as refineries exit maintenance, Bloomberg said.
- Russian refinery runs averaged 5.14m b/d in the first five days of March, Bloomberg reports citing industry source.
- Nigeria’s NNPC has begun discussions with the Dangote refinery to extend the contract supplying crude to the facility in Naira currency the company has said in a statement.
- European air traffic recorded 26,476 average daily flights in the seven days to March 9, up around 2.0% on the week across the top ten countries, according to Eurocontrol
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FED: US TSY 13W AUCTION: NON-COMP BIDS $2.291 BLN FROM $84.000 BLN TOTAL
Feb-10 16:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.291 BLN FROM $84.000 BLN TOTAL
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.838 BLN FROM $72.000 BLN TOTAL
Feb-10 16:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.838 BLN FROM $72.000 BLN TOTAL
US DATA: NY Fed Near-Term Inflation Expectations Bely U.Mich Jump
Feb-10 16:13
- The NY Fed consumer survey saw 1Y and 3Y inflation expectations unchanged in January at 3.0% although the 5Y bounced three tenths after a two tenth decline to 3.0% for its highest since May.
- 1Y inflation expectations have been particularly steady in recent months, averaging 3.0% since June in a 2.9-3.0% range.
- That’s in contrast to the U.Mich equivalent which has ramped up to 4.3% as of last week’s preliminary February release after 3.3% in July, but does have a pronounced issue with partisanship. It was 2.8% prior to Trump’s inauguration and 2.7% prior to the November presidential election.
- That said, the NY Fed’s 5Y metric is likely to be watched from here, with the 3.0% at joint highs for the limited history back to Jun 2022.
