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Cracks Further Losses on the Day

OIL PRODUCTS

Gasoline and distillate cracks have furthered their losses during US hours, adding to the decline which followed the EIA data.

  • US gasoline crack down -1.6$/bbl at 28.55$/bbl
  • US ULSD crack down -3$/bbl at 31.31$/bbl
  • Distillate cracks are now at their lowest levels since June.
  • Although gasoline stocks drew, the latest weekly EIA oil data showed an increase in US gasoline implied demand, but it remains 2.3% below the five-year average.
  • Meanwhile, distillates saw a drop in implied demand on the week, also below the five-year average. Distillate stocks also saw a below expectation draw.
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 23: Gasoline stocks -2,832 vs Exp -2,347, Implied mogas demand +267, Distillate stocks -510 vs Exp -2,386, Implied dist demand -404, Tot product stocks -7,357, Ref runs +100.
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