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Energy US

Gasoil surges despite raft of bearish crude data

September gasoil futures have surged 12 USD/mt since yesterday’s market close despite no clear direction from the crude market.  The recent market rebound in crude oil has stumbled as the EIA reported a crude stock build of almost 5 million barrels, smashing Bloomberg’s surveyed build projection 10 times over, and leaving stocks 77 million barrels higher than the 5 year average. 

The global glut shows no signs of abating as Barack Obama garnered congressional support for a nuclear deal with Iran.  Palm oil came off 1.9% yesterday after rising on further Malaysian ringgit weakness, as the currency came off 0.4% against USD, further improving Malaysian export prospects.   

 

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