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Diesel Higher Before Updated EIA Stock Data

OIL PRODUCTS

Diesel crack spreads continue to recover ahead of the EIA data release later today.

  • Weak EIA demand data has driven the cracks lower since late August but the spreads have seen some support in the last week. Stocks are still very low and the EU ban on Russia crude and products could adding to tight global supplies.
  • The US EIA is expected to report small builds in crude, gasoline and distillates as well as a fall in refinery utilisation although API data last night showed a small draw in gasoline.
    • Brent NOV 22-DEC 22 down -0.13$/bbl at 1.27$/bbl
    • Brent DEC 22-JAN 23 down -0.04$/bbl at 1.72$/bbl
    • Brent DEC 22-DEC 23 up 0.19$/bbl at 10.04$/bbl
    • US gasoline crack down -0.7$/bbl at 20.46$/bbl
    • US ULSD crack up 1.9$/bbl at 56.09$/bbl
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