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Diesel Cracks Pull Back Ahead of EIA Stock Data

OIL PRODUCTS

Diesel cracks continue to pull back ahead of the EIA data while gasoline cracks hold steady.

  • The expectation is for a slight recovery in refinery utilisation this week but still showing a refined product draw of -0.22mbbls for distillates and -0.60mbbsl for gasoline.
  • Overall US distillate stocks are just over 20% below normal and gasoline stocks are just under 7% below normal. Supplies of both distillates and gasoline are especially tight in the US Central Atlantic region.
    • US 321 crack down -0.5$/bbl at 34.48$/bbl
    • US gasoline crack up 0.2$/bbl at 20.78$/bbl
    • US ULSD crack down -2.4$/bbl at 61.56$/bbl
    • EU Gasoline-Brent up 0.7$/bbl at 4.63$/bbl
    • EU Gasoil-Brent down -0.6$/bbl at 35.54$/bbl

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