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Diesel and Gasoline Cracks Higher Despite Weak Demand

OIL PRODUCTS

Diesel and Gasoline cracks are holding just above yesterday’s close with concerns for disruption to global supplies on the back of the escalation in the Ukraine war from Russia.

  • The strength is despite the ongoing weak demand data from EIA reported yesterday. Both gasoline and distillate 4-week implied demand are well below normal and at multi year lows for the time of year.
    • Brent NOV 22 up 0.4% at 90.2$/bbl
    • WTI NOV 22 up 0.5% at 83.34$/bbl
    • US 321 crack up 1$/bbl at 30.55$/bbl
    • US gasoline crack up 0.5$/bbl at 18.18$/bbl
    • US ULSD crack up 1.8$/bbl at 55.27$/bbl

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