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Diesel Crack Spreads Regain Ground from Last Week

OIL PRODUCTS

US diesel cracks are today recovering ground lost of Friday with tight supplies and low stock levels supporting the market.

  • Stocks are especially low on the US East Coast with distillate supplies in PADD1 45% below the five-year average according to EIA data last week. With stocks so low the cost of distillate line space on the Colonial pipeline has risen to the most since 2014 according to Argus.
  • Gasoline crack spreads are edging lower today with US gasoline demand 4% below the four week average and the lowest since late winter according to GasBuddy data.
    • US 321 crack up 0.4$/bbl at 35.34$/bbl
    • US gasoline crack up 0.1$/bbl at 20.78$/bbl
    • US ULSD crack up 3$/bbl at 64.81$/bbl
    • EU Gasoline-Brent down -0.8$/bbl at 4.25$/bbl
    • EU Gasoil-Brent up 3.5$/bbl at 37.99$/bbl
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