Good News Getting Credit For Early Gains
Bad news from China took the blame for Monday’s selloff, so it seems logical that some good news is getting credit for the early gains. China’s National Development & Reform Commission is pledging additional stimulus to reduce the risk of a major slowdown in its economy.
The EIA published a note this morning projecting upward pressure in diesel margins coming from the IMO’s change to diesel specifications.
Bad news for US Exports? Mexico has drastically cut back its imports of gasoline from the US so far in 2019, backing up barrels into parts of the US. The reduction is reported to be an attempt to combat theft that has also created fuel shortages across parts of Mexico. There are also reports that this could reduce planned imports of light crude from the US, which could be bad news for Permian producers that are still racing to find new homes for their output.
The big Unknown of the day:
The British parliament will vote on Brexit today, and the outcome is expected to create large swings in currency markets.
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Winter’s Grip Loosens, But Diesel Prices Keep Climbing
Crude Cracks 6-Month High As Storms Stall Terminals And Trade Tensions Roil Markets