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Diesel Crack Ease Back from Record Highs

OIL PRODUCTS

Diesel cracks and gasoil spreads are edging down from record levels yesterday.

  • Tight supplies have supported diesel markets, but gasoline spreads remain softer with higher stock levels and more global supplies.
  • Demand for diesel may be boost during the winter heating season as extra uncertainty exists over future Russian crude and product supplies and due to much reduced natural gas supplies into Europe.
  • Short term refinery outages due to seasonal maintenance and French strikes have driven spreads higher this month. The Gasoil prompt spread is still trading up at 80$/mt.
    • US 321 crack down -0.9$/bbl at 43.34$/bbl
    • US gasoline crack down -0.1$/bbl at 24.25$/bbl
    • US ULSD crack down -2.5$/bbl at 81.4$/bbl
    • EU Gasoline-Brent down -0.6$/bbl at 5.76$/bbl
    • EU Gasoil-Brent down -3.3$/bbl at 43.73$/bbl
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