OIL PRODUCTS: Oil Products Summary At European Close: Cracks Rise
Aug-06 15:22
US diesel and gasoline cracks have held onto earlier gains supported by weekly stocks draws.
- US ULSD crack up 1.5$/bbl at 30.88$/bbl
- US gasoline crack up 0.8$/bbl at 23.51$/bbl
- US 321 crack up 0.9$/bbl at 25.84$/bbl
- EU Gasoil-Brent up 1.4$/bbl at 21.99$/bbl
- EU Gasoline-Brent up 0.9$/bbl at 14.86$/bbl
- Gasoline stocks fell as expected fell by 1.3mbbl amid lower production and imports and despite a dip in weekly implied demand. The four-week average implied gasoline demand held steady to remain just below the previous five-year average.
- Distillates stocks also showed a small draw of 0.57mbbl following a three week build to remain near five year range lows. The draw was driven by a rise in exports, drop in imports and lower production on the week.
- India’s oil product consumption in July fell 4% on the year, down the most since February ro 19.4m mt, Bloomberg said citing provisional data published by the oil ministry’s Petroleum Planning & Analysis Cell.
- Total oil product stocks in the UAE’s Fujairah Oil Industry Zone rose by 2.02mbbls, or 11.9%, to 19.072m bbls, according to Reuters.
- Nigeria’s Dangote refinery is planning 15-day maintenance on its RFCC unit from Aug. 10, IIR says cited by Reuters.
- South Korea Yeochun NCC (YNCC) will shut its No. 3 ethylene cracker starting from August 8 in response to poor market conditions, three industry sources told Reuters on Wednesday.
- The tanker Tempest Dream, which left Nayara’s Vadinar port on Aug. 3 loaded with oil product, has anchored off Oman in a region known for ship-to-ship transfers, Bloomberg reports.
- Russian product exports declined around 4% in July from June to their lowest in nine months at 2.1mb/d, based on Vortexa data compiled by Bloomberg.
- Russia has shipped its first naphtha cargo to Vietnam, Reuters reports.
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OPTIONS: Larger FX Option Pipeline
Jul-07 15:22
- EUR/USD: Jul09 $1.1700(E1.7bln); Jul10 $1.1650(E2.1bln), $1.1800(E1.3bln); Jul11 $1.1770(E2.0bln)
- USD/JPY: Jul09 Y144.00-10($1.4bln); Jul10 Y143.95-15($1.0bln), Y144.70-90($1.3bln)
US 10YR FUTURE TECHS: (U5) Monitoring Support At The 50-Day EMA
Jul-07 15:21
- RES 4: 113-07 76.4% retracement of the Apr 7 - 11 bear leg
- RES 3: 112-23 High May 1 and key resistance
- RES 2: 112-12+/15 High Jul 1 / 61.8% of the Apr 7 - 11 sell-off
- RES 1: 111-28 High Jul 3
- PRICE: 110-31+ @ 16:08 BST Jul 07
- SUP 1: 110-31 50-day EMA
- SUP 2: 110-16 Low Jun 20
- SUP 3: 110-10+ Low Jun 16
- SUP 4: 110-03 76.4% of the May 22 - Jul 1 bull leg
A bull cycle in Treasury futures is intact and - for now - the latest pullback appears corrective. The contract remains above a key support at 110-31, the 50-day EMA, and the Jul 3 low. A clear break of this average would signal scope for a deeper correction and highlight a possible reversal. For bulls, a resumption of gains would open 112-15, the 61.8% retracement of the Apr 7 - 11 steep sell-off. Initial resistance is at 111-28, the Jul 3 high.
US STOCKS: Early Equities Roundup: Lower, Consumer Discretionary, IT Weighing
Jul-07 15:20
- Stocks are drifting in moderately weaker territory as markets return from the extended 4th of July holiday weekend, major averages extending lows by midmorning Monday. Details on trade negotiations remain fuzzy while US trade officials kicked the can on this Wednesday's deal deadline to August 1 to give countries more time to discuss/comply.
- Pres Trump warned any country in the BRICS bloc (10 countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates) that align with "ant-American policies" will face an additional 10% tariff.
- Currently, the DJIA trades down 279.4 points (-0.62%) at 44544.65, S&P E-Minis down 35.5 points (-0.56%) at 6288.75, Nasdaq down 142.8 points (-0.7%) at 20457.99.
- Consumer Discretionary and Information Technology sectors underperformed in the first half, laggers included Tesla -7.06% (after Musk announced a new political party, the American Party, not to mention a couple downgrades), Lululemon Athletica -3.36%, Chipotle Mexican Grill -2.82%, CarMax -1.98% and Mohawk Industries -1.88%.
- Semiconductor and hardware makers weighed on the IT sector in the first half: Super Micro Computer -3.04%, First Solar -2.96%, Advanced Micro Devices -2.31%, Micron Technology -2.07% and QUALCOMM -2.07%
- Meanwhile, Utilities and Industrials sectors outperformed, NRG Energy +1.08%, Public Service Enterprise +1.01%, Alliant Energy +0.54%, CenterPoint Energy and Atmos Energy both +0.35% buoyed the Utility sector, while leading gainers in the Industrials sector were led by: Uber Technologies +3.35%, GE Vernova +1.91%, Huntington Ingalls Industries +1.43%, Lockheed Martin +1.40%, Jacobs Solutions and Northrop Grumman both +0.82%.
