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Free AccessCrack Spreads Steady With Weak Demand Offsetting Low Inventories
Diesel and gasoline crack spreads are steady today but diesel is near the lows from the last couple of weeks with weak demand concerns weighing on prices.
- Low inventories and a steady start to the US driving season have provided some support. Gasoline is seeing slightly more strength than diesel this week with unit outages at Galveston Bay and Bayway refineries ongoing with a previous suggested Bayway return on 6 July but no timeline known for Galveston Bay. The outages are limiting any stock builds with US gasoline stocks still 6.7% below the seasonal normal this week.
- Global diesel supplies are recovering after mid month refinery disruption in Europe and with an expected increase in Russian diesel output as maintenance works come to an end. Low inventories are also adding support to diesel with US stocks nearly 15% below normal and European ARA stocks 13% below.
- US 321 crack up 0.1$/bbl at 33.9$/bbl
- US gasoline crack up 0.3$/bbl at 35.2$/bbl
- US ULSD crack down -0.1$/bbl at 31.32$/bbl
- EU Gasoline-Brent down -0.2$/bbl at 22.33$/bbl
- EU Gasoil-Brent up 0.3$/bbl at 19.41$/bbl
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.