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Crack Spreads Lower Before Updated EIA Stock Data

OIL PRODUCTS

Diesel and gasoline cracks trade lower ahead of the updated EIA stock data later today.

  • The expectation is for a draw of -0.65mbbls for distillates and -1.03mbbsl for gasoline for the week to Oct 21 with refinery utilisation up slightly by 0.2%. The API data showed a build in distillate inventories of 0.64mbbls and a draw in gasoline of -2.28mbbls.
  • Data last week showed distillate stocks 23% below the five year average with gasoline stocks 7.5% below. Padd1B regional gasoline stocks are the lowest at this time of year since 2012.
    • US 321 crack down -0.6$/bbl at 35.5$/bbl
    • US gasoline crack down -1$/bbl at 21.07$/bbl
    • US ULSD crack down -0.3$/bbl at 64.39$/bbl
    • EU Gasoline-Brent down -1$/bbl at 7.85$/bbl
    • EU Gasoil-Brent down -0.8$/bbl at 41.3$/bbl
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