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

Apr FEI/CP

The now prompt FEI/CP contract has witnessed great weakness over the past fortnight, especially into month end falling by almost $15/mt intraday on Feb 29 to close the month negative at -$2/mt, with prices oscillating in positive single digit territory since. This fell in line with a supported CP structure on the back of an unchanged settlement price of $630/mt for March. However, it is not all bleak for the Asian propane differential, as a potential uptick in LPG demand in East Asia, coupled with possible logistical issues surrounding Gatun Lake water levels - as we enter the final months of Panama’s dry season - could stimulate strength in FEI.

EU Refinery Margins

European refinery margins for the Apr tenor, saw overall weakness of -28c/bbl for the week to Mar 05. Excluding EBOB, products negatively impacted the margins, notably gasoil providing a -163c/bbl change.

CFTC RBOB and HO Futures

Both RBOB and HO futures displayed a weekly decrease in long and short managed by money positions for the first time in nine and eight weeks, respectively.

Sing 0.5 Apr/May Counterparty Data

Throughout the week trade houses have been increasing their exposure to the contract, bidding up a net position of almost 670kbbls. However, on Mar 05, trade houses unwound some length, removing 30kbbls.

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