JPMorgan Names New Global Co-Head of Blockchain Division
Based in Edinburgh, Kara Kennedy will lead Kinexys alongside Naveen Mallela, according to a JPMorgan spokesperson. Kennedy will oversee Kinexys Digital Assets, which focuses on asset tokenization, and Kinexys Labs, which helps clients prototype blockchain projects. Mallela, who is based in Singapore, will continue to run the payments divisions, including Kinexys Digital Payments and Kinexys Liink.
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Exclusive-JPMorgan denied it closed account linked to former Kansas governor on religious grounds, letter shows
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Diesel's strength over the summer helped support crude prices while OPEC+ restored production faster than initially planned. Before the war in Ukraine, European diesel seldom traded $15 a barrel above Brent crude. Ever since, it has rarely traded at less than that. The spread, known in market parlance as a crack, is currently above $20 in Europe and around $30 in the US. Goldman Sachs expects both spreads to stay near current levels into 2026 'on continuing structural tightness in refining capacity,' and TotalEnergies said stronger diesel prices will become a 'persistent feature' of the global oil market. 'Heading into hurricane season, if we have some type of supply disruption, I think you'll see a pretty significant market reaction with inventories as low as they are,' Gary Simmons, executive vice president and chief operating officer at Valero, said on an earnings call. 'We expect diesel cracks to remain strong.' Diesel is part of a group of refined products known as middle distillates, which includes jet fuel and heating oil. High demand from the aviation sector has also tightened the balance of supplies, and a cold winter could do the same. 'Over the next three to four months, we're quite constructive on diesel cracks being sustained at levels similar to where they're at today,' Marathon Petroleum Corp.'s Chief Commercial Officer Rick Hessling said on an earnings call, adding that trucking and agriculture demand is 'very healthy.' Hedge funds have rushed into bullish oil and diesel bets in recent weeks as Trump threatened additional levies on buyers of Russian crude. Money managers' net long position in US diesel futures was at the highest in almost four years, according to US Commodity Futures Trading Commission data released in the first week of August. Those bets so far haven't paid off, with diesel and crude futures dropping this week after OPEC+ announced a supply increase over the weekend and traders wait to see how Trump's approach to Russia pans out. Not all traders are bullish, though, as there has been some relief in the past few weeks. As well as stockpiles showing signs of recovering, more diesel and jet fuel cargoes left Asia and the Middle East for Europe in July than any time in the last 11 months, according to Kpler data. One diesel-laden supertanker of 2 million barrels is currently sailing to Europe, and another has been booked, according to a person involved in the flows, adding momentum to the resupply. 'One of the things we're doing is watching the Mideast and India, where the global net-distillate length exists for potential imports into Europe,' Brian Mandell, executive vice president of marketing and commercial at Phillips 66, said on an earnings call. Mandell said that prices are likely to eventually ease as the Organization of the Petroleum Exporting Countries and its partners add extra supplies of heavy crude that's better for making diesel. But it takes time for the group to go from targets to actual production, and then for the barrels to be shipped, processed into diesel and finally reach the fuel's buyers. 'We would think that distillate margins will remain strong through the year, eventually coming off some when you get these extra barrels — heavy crude barrels — back onto the market,' he said. --With assistance from Devika Krishna Kumar, Jack Wittels, Rachel Graham, Archie Hunter and Prejula Prem. (Updates with hedge fund positioning in 14th paragraph.) 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