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Diesel Cracks Extend Trend Lower Ahead of EIA Data

OIL PRODUCTS

Diesel crack spreads extend the trend lower ahead of the updated EIA inventory data later today. Oil demand concerns are adding downward pressure to both crude and product markets while strong refinery output is adding to weak global diesel margins.

  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30GMT. US inventories of crude, gasoline and distillates are all expected to show small draws this week with a recovery in refinery utilisation also expected according to a Bloomberg survey.
  • Thailand’s PTT is considering a reduction to processing rates at its refineries after a recent decline in margins according to Bloomberg sources. No firm decision has been made yet and plans could change if margins recover.
    • US 321 crack down -0.4$/bbl at 28.48$/bbl
    • US gasoline crack down -0.3$/bbl at 30.3$/bbl
    • US ULSD crack down -0.8$/bbl at 24.85$/bbl
    • EU Gasoline-Brent up 0.3$/bbl at 17.13$/bbl
    • EU Gasoil-Brent down -0.7$/bbl at 14.19$/bbl
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