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Diesel Extends Decline on Weak Demand

OIL PRODUCTS

Diesel cracks continue to fall after EIA data yesterday showed another drop in implied demand.

  • Diesel demand had been holding up stronger than gasoline over the summer, but recent weeks have seen the 4-week average fall below 2020 levels. Gasoline demand also dipped further this week with no boost from Labor Day at the end of the traditional summer driving season.
    • Brent NOV 22 up 0.2% at 94.31$/bbl
    • WTI OCT 22 up 0.2% at 88.66$/bbl
    • US 321 crack down -1.1$/bbl at 28.29$/bbl
    • US gasoline crack down -0.3$/bbl at 17.23$/bbl
    • US ULSD crack down -2.5$/bbl at 50.83$/bbl
    • Gasoline-Brent up 0.2$/bbl at 3.91$/bbl
    • Gasoil-Brent down -3$/bbl at 32.68$/bbl

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