I was a bit concerned with the markets on Monday, but that seems to have evaporated. Especially with Apple’s record earnings statement yesterday. They’re only up $9/share so far today.
-D > On Jan 29, 2020, at 11:26 AM, Andrew Strasfogel via Mercedes > <mercedes@okiebenz.com> wrote: > > Anyone else enjoying the fallout from coronavirus? > > On Wed, Jan 29, 2020 at 11:18 AM Meade Dillon via Mercedes < > mercedes@okiebenz.com> wrote: > >> I paid $1.99 for diesel just a couple days ago. That was nice, ~20.5 >> gallons into my '95 E300. >> ------------- >> Max >> Charleston SC >> >> >> On Wed, Jan 29, 2020 at 10:53 AM Andrew Strasfogel via Mercedes < >> mercedes@okiebenz.com> wrote: >> >>> Will the price at the pump go down? >>> >>> ENERGY MARKETSCoronavirus lockdown is even more bad news for >>> dieselPublished: >>> Wednesday, January 29, 2020 >>> >>> Add a severe global pathogen to the list of bad news for diesel. >>> >>> Two metrics for the industrial fuel that traders watch closely — its >>> premium against crude, and a gauge of supply and demand — have collapsed >>> this year. For the most part, the rout has been about >> weaker-than-expected >>> buying from the shipping industry and a mild winter. The novel >> coronavirus >>> in China, though, has exacerbated the slide because it's meant a >> clampdown >>> on travel that's negative for fuel demand, and a weakening of investor >>> sentiment across assets. >>> >>> The lockdown of cities in China likely means weaker demand for diesel, >> said >>> Olivier Jakob, the managing director of Petromatrix GmbH in Zug, >>> Switzerland. The margin, or crack, for jet fuel, has also been adversely >>> affected. Both fuels are known as distillates. >>> >>> "The impact of coronavirus translates into global pressure on distillate >>> cracks and the prices," Jakob said. >>> >>> Oil refiners were making $9.83 a barrel from turning crude oil into >> diesel >>> on Monday, the lowest in almost two years, ICE Futures Europe data show. >>> Late last year, the same spread stood at about $15. Traders are paying >>> about $1.75 a ton less for diesel in February than for March, compared >> to a >>> $3 premium late last year. >>> >>> There's similar weakness in the jet fuel market. The two products are >>> closely related. Profits for producing jet fuel in Asia fell to the >> lowest >>> in nearly four years after a spate of travel restrictions and flight >>> cancellations. >>> >>> "Slowing air traffic has clearly dented Chinese jet fuel demand over >> recent >>> days," RBC Capital Markets analysts including Michael Tran said in a Jan. >>> 27 research note. Jet fuel has been the firmest part of China's oil >> demand >>> growth in recent years, averaging about 11% a year, according to Tran. >>> >>> The fuels are getting hit across the globe. Diesel margins in New York >> sank >>> to an 18-month low Monday, with concerns about the virus exacerbating the >>> impact of a mild winter that already curtailed demand. >>> >>> "There's very little good news when it comes to the middle distillate >> part >>> of the barrel," said Steve Sawyer, director of refining at FGE, an energy >>> consultancy. >>> >>> Looking forward, planned work at refineries in the Middle East — a region >>> that sends a lot of middle distillate to Europe — should provide some >>> support, he said. That will be followed by seasonal maintenance in the >> U.S. >>> and Europe. *— Jack Wittels, Bloomberg* >>> _______________________________________ >>> http://www.okiebenz.com >>> >>> To search list archives http://www.okiebenz.com/archive/ >>> >>> To Unsubscribe or change delivery options go to: >>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>> >>> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> >> > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
