Key graphs of the week, as illustrated by our data dashboards.

Mar Gasoil Crack

Price action for Mar gasoil cack reached highs of near $35/bbl on Feb 09, on the back of strength emanating from supply concerns with the Med looking reasonably tight due to no Indian diesel arrivals, forcing supply to come from local refiners. However, prices have begun to come off, falling to below the $32/bbl mark on Feb 14, with the gasoil crack curve potentially looking toppy, as momentum looks to be slowing down and the Middle Eastern risk premium is all but priced in.

EU Refinery Margins

European refinery margins for the Mar tenor saw overall strength of +$1.06/bbl for the week to Feb 13. Positive margin changes amongst most of the products, in particular EBOB (+$2.19/bbl) and GO (+$1.95/bbl), outweighed the impact due to higher crude prices.

Mar/Apr Brent/Dubai Box Price & Net Position by Counterparty

Despite seeing selling interest on Feb 13 from trade houses and producers, strengthening Brent spreads helped to keep the box elevated in positive territory.

Weekly Changes of Managed by Money Positions in LS Gasoil Futures

Bullish money managers added a further 2.6mbbls (+2%) of length, whilst their bearish counterparts removed a more significant amount of short positions, equating to 21mbbls (-28%). This is the largest removal of shorts seen since Nov'20.

EIA Crude Inventory Stocks

Crude stocks saw a third consecutive build, with this week’s being the largest in magnitude equating to 12mbbls, far greater than median estimations of a 3.35mbbls build.

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