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Free AccessDiesel Cracks Follow Crude Lower on Economic Fears
Diesel crack spreads follow the crude move back lower today as economic fears continue to add bearish pressure to oil markets despite the Saudi pledged crude output cut for July.
- Concerns for the impact on persistent inflation on the US Fed policy and future rate hikes continue to add downside pressure to demand expectations and diesel prices.
- Gasoline cracks are still positive on the day with support from low US inventories and the potential demand boost from the summer driving season. EIA implied demand in the week to 26 May increased in line with the seasonal trend although weekly US gasoline demand fell 2.3% last week (Sun-Sat) and was 2.7% below the moving four week average according to GasBuddy data.
- US imports of European gasoline increase 88% in the week to 1 June to 316kbpd from the seven week low of 168kbpd the previous week.
- US 321 crack up 0.3$/bbl at 32.37$/bbl
- US gasoline crack up 0.4$/bbl at 34.69$/bbl
- US ULSD crack down -0.1$/bbl at 27.71$/bbl
- EU Gasoline-Brent up 0.4$/bbl at 18.96$/bbl
- EU Gasoil-Brent down -0.1$/bbl at 16.1$/bbl
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.