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Diesel Cracks Resume Pull Back

OIL PRODUCTS

Diesel crack spreads continue to fall back with Gasoil-Brent down 3$/bbl today after falling 7$/bbl yesterday. Despite the lower prices, the spreads are still pricing higher than at the start of June.

  • European imports of diesel from Middle East are set to increase to their highest since October 2020 in June according to Vortexa data. June arrivals of middle distillates are estimated at 2.18m tons of which 1.46m tons is diesel/gasoil up from 1.12m tons in May.
  • The bull run on cracks spreads has eased and prices have pulled back as concerns for further economic growth and oil demand growth have increased.
  • US 321 crack down -0.9$/bbl at 52.6$/bbl
  • US gasoline crack up 0.4$/bbl at 48.23$/bbl
  • US ULSD crack down -3.4$/bbl at 61.33$/bbl

  • Brent FCC margin down -2$/bbl at 22.32$/bbl
  • Gasoline-Brent up 0.6$/bbl at 44.76$/bbl
  • Gasoil-Brent down -3.2$/bbl at 44.77$/bbl
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