OIL PRODUCTS: Valero Sees US Gasoline Demand Outperforming Diesel in 2024
Apr-25 17:07
Valero expects 2024 gasoline demand to be flat to slightly up from last year and diesel demand to be flat to slightly down from 2023, executives said during a Q1 earning’s call.
- Product demand will outpace supply, Lane Riggs, Valero’s CEO said.
- “Refining margins remain supported by tight product balances, with supply constrained by seasonally heavy refining turnarounds and geopolitical events,” Riggs said.
- Indications are that the autumn turnaround will not be heavier than normal compared to Q1 when a heavy schedule kept product demand tight, according to Greg Bram, vice president refining services.
- Longer term, Valero expects product demand to continue exceeding supply, even with the startup of new refineries across the globe.
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US: Biden: Federal Government To Cover Cost Of Reconstructing Baltimore Bridge
Mar-26 17:05
President Biden, delivering remarks at the White House, has announced that it is his intention, "that federal government will pay for the entire cost of reconstructing," the Francis Scott Key Bridge in Baltimore, Maryland and he "expects Congress to support" his effort.
- Biden notes the economic importance of the Baltimore port, where operations have been suspended until further notice, to the automotive sector specifically, and the economy of the US northeast in general. Biden pledges to "move heaven and earth to reopen the port and rebuild the bridge as soon as humanly possible."
- On the economic fallout, Biden notes the port, "handled a record amount of cargo last year. Its also the top port in America for both imports and exports of automotive vehicles and light trucks." Biden says around 850,000 vehicles go through the port every year and 15,000 jobs depend on the port.
- Biden confirms earlier reports that the collapse of the bridge was due to an accident rather than any form of malicious attack.
- Biden says he will visit Baltimore "as quickly as he can." The White House may schedule a visit soon considering Biden suffered major political fallout for failing to visit the site of a train derailment in East Palestine, Ohio in 2023.
US TSYS/SUPPLY: Review 5Y Note Auction: Decent Sale, Tsys Bounce
Mar-26 17:05
- Tsy futures bounce back near opening levels after the $67B 5Y note auction (91282CKG5) traded through: drawing 4.235% high yield vs. 4.242% WI; 2.41x bid-to-cover steady to the prior auction.
- Indirect take-up surges to 70.45% vs. 59.33% prior, directs took 16.81% vs.19.66% prior, while primary dealer take-up fell to 12.73% vs. 16.82% prior.
- The next 5Y auction is tentatively scheduled for April 24.
US TSYS: US TSY 5Y NOTE AUCTION: HIGH YLD 4.235%; ALLOTMENT 81.56%
Mar-26 17:02
- US TSY 5Y NOTE AUCTION: HIGH YLD 4.235%; ALLOTMENT 81.56%
- US TSY 5Y NOTE AUCTION: DEALERS TAKE 12.73% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: DIRECTS TAKE 16.81% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: INDIRECTS TAKE 70.45% OF COMPETITIVES
- US TSY 5Y AUCTION: BID/CVR 2.41
