November 18, 2022 15:52 GMT
Crack Spreads Holding Steady Despite Crude Fall
Refined product crack spreads are holding steady as a short term supply boost and demand concerns drive crude prices lower.
- European refiners have been building stocks ahead of the sanctions on Russian seaborne crude next month with the latest ship tracking data showing a recent boost to Russian output.
- WTI also driven by healthy local US supplies due to high freight rates limiting exports and recent Texas pipeline issues.
- Refiners are not managing to replenish low global distillate stocks due to limited refining capacity and recent robust demand. Data this week showed US distillate stocks over 15% below the five year average, EU ARA Gasoil stocks nearly 24% below and Singapore Middle Distillates 40% below.
- Brent JAN 23 down -2.6% at 87.45$/bbl
- WTI DEC 22 down -2.6% at 79.55$/bbl
- US 321 crack up 0$/bbl at 36.3$/bbl
- US gasoline crack down -0.8$/bbl at 20.7$/bbl
- US ULSD crack up 0.7$/bbl at 66.82$/bbl
- EU Gasoline-Brent down -1.1$/bbl at 2.45$/bbl
- EU Gasoil-Brent up 0.1$/bbl at 37.56$/bbl