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Cracks Fall as EIA Show Lower Implied Demand

OIL PRODUCTS

Refined product crack spreads continue to slide after IEA data adds to the economic concerns.

  • EIA data showed the 4 week average implied demand of both finished gasoline and distillate is drifting away from 5- year average levels which could be a sign of the impact of high pump prices on consumption.
  • Refined product cracks spreads were already falling in recent days over fears over the impact of high inflation on the economy.
  • US 321 crack down -2.4$/bbl at 45.92$/bbl
  • US gasoline crack down -2.1$/bbl at 42$/bbl
  • US ULSD crack down -2.8$/bbl at 53.77$/bbl
  • Brent FCC margin down -1.4$/bbl at 15.48$/bbl
  • Gasoline-Brent down -1.9$/bbl at 37.38$/bbl
  • Gasoil-Brent down -1.3$/bbl at 38.53$/bbl

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