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Crack Spreads Follow Crude Higher on China Optimism

OIL PRODUCTS

Diesel and gasoline cracks spreads both recovering ground and following the upwards move in outright crude. Demand concerns have been weighing on crack spreads but the speculation of easing restrictions in China could boost demand and potential for OPEC+ crude production cuts are also supportive.

  • Gasoil prompt are trading in contango with an easing of the tight supplies helped by the lower refinery outages and strong Russian supplies.
    • US 321 crack up 1.4$/bbl at 31.16$/bbl
    • US gasoline crack up 0.4$/bbl at 18.61$/bbl
    • US ULSD crack up 2.1$/bbl at 56.58$/bbl
    • EU Gasoline-Brent up 0.9$/bbl at 1.52$/bbl
    • EU Gasoil-Brent up 1.1$/bbl at 36.23$/bbl
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