Crack Spreads Showing Small Recovery

Crack spreads are picking up despite lower crude prices with gasoline up on the day and diesel recovering losses from earlier today.

• Both gasoline and diesel crack spreads are recovering some ground today after falling last week. US pump prices continue to fall with the average gasoline prices down for the 54^th straight day to 4.015$/gal. Average prices could soon fall below $4/gal for the first time since March.
• The lower pump prices may help to support demand but this has not yet shown up in any data. Low inventory levels for both refined products, especially diesel, are adding support to the spreads.

• Brent OCT 22 down -0.5% at 94.45$/bbl
• WTI SEP 22 down -0.7% at 88.35$/bbl
• US 321 crack up 0.6$/bbl at 36.78$/bbl
• US gasoline crack up 0.9$/bbl at 32.18$/bbl
• US ULSD crack down 0$/bbl at 45.96$/bbl
• Brent FCC margin up 0.4$/bbl at 10.17$/bbl
• Gasoline-Brent up 0.4$/bbl at 15.1$/bbl
• Gasoil-Brent down -0.4$/bbl at 31.47$/bbl