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MNI China Daily Summary: Friday, December 6

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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Biden Gasoline Tax Announcement Expected at 19:00BST

OIL PRODUCTS

US President Biden is expected to announce a suspension of the federal gasoline tax in an effort to cut costs for drivers. It is unclear how long the temporary suspension of the 18.4c/gal tax would be in place for. The federal tax on diesel is 24.4c/gal. Biden is expected to make an announcement at 19:00BST.

  • Both gasoline and diesel crack spreads have fallen back from highs but are still much higher that levels seen before the Ukraine war. US crack spreads are up by approximately 220% for diesel and 165% for gasoline since the start of the year. European crack spread moves have been even greater with diesel up 410% and gasoline up 375% in the same time period.
  • US spreads are recovery slightly after falling yesterday but remain lower on the day.
  • US 321 crack down -2.3$/bbl at 54.77$/bbl
  • US gasoline crack down -2.3$/bbl at 46.94$/bbl
  • US ULSD crack down -2.3$/bbl at 70.43$/bbl
  • Brent FCC margin up 2.7$/bbl at 27.96$/bbl
  • Gasoline-Brent up 3.9$/bbl at 41.65$/bbl
  • Gasoil-Brent up 2.6$/bbl at 55.03$/bbl
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