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Diesel Cracks Resume Rally on Tight Supplies

OIL PRODUCTS

Diesel cracks spreads are recovering ground lost yesterday while gasoline cracks also edge higher on high refinery outages.

    • Gasoil NOV 22 up 4.3% at 1094.75$/mt
    • Gasoil NOV 22-DEC 22 up 17.75$/mt at 60.75$/mt
    • Gasoil DEC 22-DEC 23 up 20.75$/mt at 181.25$/mt
    • US 321 crack up 1.9$/bbl at 40.19$/bbl
    • US gasoline crack up 0.6$/bbl at 21.62$/bbl
    • US ULSD crack up 2.6$/bbl at 77.24$/bbl
  • The Nov-Dec Gasoil time spread is back up near the weekly highs at 60$/mt after falling back to 45$/mt yesterday.
  • Supplies remain tight due to the ongoing French strikes. The French CGT union said on Wednesday it would challenge the government requisition of Exxon depot staff. The government is trying to unblock supplies at the Gravenchon-Port Jerome petrol depot in Normandy.
  • Vortexa data suggests that October distillate imports to France from East Asia are set to be the highest since at least 2016 at almost 260k tons.
  • US import of European Gasoline rose to 286kbpd in the week to Oct 6 from 239kbpd the previous week according to bills of lading ad ship tracking data from Bloomberg.
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