OIL PRODUCTS: Oil Products Summary At European Close: Cracks Diverge On Day
Feb-13 16:27
US diesel cracks have continued to lose ground today, with EIA data showing an unexpected build in distillates and a large drop in implied demand. Gasoline cracks are rising following an unexpected decline in stocks in yesterday’s data.
- US ULSD crack down 0.7$/bbl at 30.76$/bbl
- US gasoline crack up 0.8$/bbl at 16.85$/bbl
- US 321 crack up 0.3$/bbl at 21.47$/bbl
- The PBF Energy 156k b/d Martinez refinery near San Francisco may need 45 days or more to assess the damage from a fire on Feb. 1, according to Bloomberg sources.
- Singapore's onshore fuel oil stockpiles rose for the second week, hitting a three-week high above 20 million barrels according to Enterprise data.
- China’s refined oil exports stood at 2.46m mt in January, down 17.45% on the same period in 2024, according to OilChem citing shipping fixtures.
- Asia’s HSFO cracks have shown further signs of easing today, falling to near parity with both Brent and Dubai crude, Reuters said.
- Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
- Bloomberg reports Pemex partially shut its 245k b/d Salamanca refinery in Mexico due to equipment issues caused by high water and salt content in crude oil, according to a report from IIR Energy published Wednesday.
- China’s road traffic congestion in China’s 15 key cities rose 56.1 percentage points in the seven days Feb. 12, BNEF said.
- US refiner PBF Energy plans to operate its seven refineries up to 76% of their combined production capacity of 1m b/d in Q1 2025, the company said Feb. 13, cited by Reuters.
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PIPELINE: Corporate Issuance Update: $3B KFW +5Y Priced
Jan-14 16:18
- Date $MM Issuer (Priced *, Launch #)
- 01/14 $3B *KFW +5Y +40
- 01/14 $2.5B #BNG Bank 5Y SOFR+47
- 01/14 $2.5B *CADES 5Y SOFR+68, upsized from $2B
- 01/14 $2B IFC 3Y SOFR+29
- 01/14 $2B CAF 5Y SOFR+82
- 01/14 $500M #Hyundai 3Y +80
- 01/14 $Benchmark Blackstone Private Cr Fund 7Y +190a
- 01/14 $Benchmark LifePoint Health 7NC3
- 01/14 $Benchmark Adobe 3Y +50a, 5Y +60a, 10Y +80a
- 01/14 $Benchmark British Colombia 3Y SOFR+45
- 01/14 $Benchmark BFCM 5Y +120a, 5Y SOFR
SECURITY: Gaza Ceasefire Deal Ready To Be Concluded And Implemented, Blinken
Jan-14 16:08
US Secretary of State Antony Blinken, speaking at an event hosted by the Atlantic Council, has confirmed that a Gaza ceasefire-for-hostage deal is "ready to be concluded and implemented" if Hamas accepts the conditions of the framework.
- Blinken says: "We believe the Palestinian Authority should invite international partners to help establish and run an interim administration in Gaza after a ceasefire deal," adding that an "interim security mission would be made up of forces from partner nations and vetted Palestinian personnel."
- Blinken notes that the Biden administration, "will hand off plan for post-war Gaza to the Trump administration to carry forward."
- Blinken's remarks are consistent with recent comments from US officials and Qatari mediators suggesting a ceasefire deal is closer than it has been in months, however, a final deal appears to hinge on Hamas approval, which in turn depends on how credible Hamas leadership deems a proposed Israeli military withdrawal from Gaza. As noted in earlier bullets (ISRAEL: WSJ-Israel, Hamas Finalising Gaza Deal, Could Come This Afternoon) there is some domestic uncertainty on the Israeli side, "in the form of the requirement for any deal to be approved by Israel's security cabinet and the full gov't."
- The Jerusalem Post reported a short time ago: "No final answer was given from Hamas regarding a hostage deal, an Israeli official [said]."
- A Qatari statement earlier today read: "We have overcome the major differences. This is the closest point we have been to a deal over the past months,"
MNI EXCLUSIVE: MNI: Italy Aims At NGEU Wriggle Room Over 2026 Deadline
Jan-14 16:05
Officials sketch out Italian plans to make sure the country gets as much NGEU funding as possible.-On MNI Policy MainWire now, for more details please contact sales@marketnews.com
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