OIL PRODUCTS: Oil Products Summary at European Close: Diesel Crack Falls
Feb-21 17:00
Diesel cracks fall to reverse gains seen yesterday amid stronger draws in US distillates stocks, while refiners may be switching to maximize diesel runs.
- US gasoline crack up 0.1$/bbl at 25.12$/bbl
- US ULSD crack down 0.2$/bbl at 29.95$/bbl
- European diesel imports are on track to rebound this month from the multi-year low seen in January, Bloomberg said.
- US average retail gasoline prices are at $3.163/gal, according to GasBuddy, up 1.7 cents/gal on the week.
- Run rates at China’s Shandong teapot refineries has fallen again to the lowest since March 2020 at 43.2% in the week to Feb. 21, according to Mysteel Oilchem
- Phillips 66 258kb/d Bayway refinery undergoes a turnaround on the Pipestill 7B crude unit and a naphtha hydrotreater lasting through March, according to Bloomberg sources.
- Traders have mixed views on the outlook for the Asian ULSD market, although supplies remain sufficient and some refineries are set to return from maintenance next week, Reuters said.
- The 650k b/d Dangote refinery is now covering up to 60% of Nigeria’s gasoline demand and reducing its need for imported volumes, Platts said.
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EURIBOR OPTIONS: Another Upside ERM5 Structure
Jan-22 16:58
ERM5 98.00 / 98.125 / 98.25 call fly, bought for 1.25 in 11.5k
- The latest upside ERM5 option structure this week.
- Calls outnumber puts by 4.5 to 1 today.
OPTIONS: Expiries for Jan23 NY cut 1000ET (Source DTCC)
Jan-22 16:39
- EUR/USD: $1.0295-00(E2.7bln), $1.0400(E1.9bln), $1.0425-40(E2.1bln)
- USD/JPY: Y155.00($1.7bln), Y156.00($987mln), Y156.15-20($561mln), Y156.50-60($734mln)
- GBP/USD: $1.2500(Gbp713mln), $1.2565(Gbp748mln)
- AUD/USD: $0.6200-05(A$1.8bln), $0.6260(A$695mln), $0.6300(A$1.1bln)
- NZD/USD: $0.5660-75(N$1.2bln)
- USD/CAD: C$1.4390-05($1.6bln), C$1.4450($1.1bln)
IRELAND: Martin Still Not Confirmed As PM After Day Of Chaos In Parliament
Jan-22 16:39
The Dáil Eireann has adjourned until tomorrow (23 Jan) after a day of political chaos amid efforts to officially confirm Micheál Martin as taoiseach (PM). The process to appoint Martin and then approve his cabinet of ministers was initially viewed to be a fait accompli after Martin's centrist Fianna Fail agreed to a programme for gov't with the conservative Fine Gael, adding the support of nine independent members (TDs) in a confidence and supply agreement.
- However, efforts by the gov't to have the Regional Independent Group and two other independent TDs sit on the opposition benches despite them being in support of the gov't raised objections from opposition parties arguing the gov't was attempting to eat into the opposition's allotment of speaking time in parliament.
- Ceann Comhairle (Speaker) Verona Murphy had to suspend the session on numerous occasions amid chaos on the chamber floor with opposition parties vocally objecting.
- Machinations within the various independent groups in the Dáil could deny some independent TDs that are part of the Regional Independents speaking time, a major blow to their position in gov't.
- This leaves the caretaker gov't in place since the Nov 2024 election still in power and further delays the new gov'ts ability to begin work on major policy action - most notably the impact of Trump admin policies on Ireland's status as a hub for US multinationals.
