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Diesel Rally on Fuel Switching but Gasoline Weak


US and EU gasoline margins are holding steady today with uncertainty over demand keeping spreads near the lowest since Feb.

  • Spreads recovered a little ground yesterday, but they are still down about 7.5$/bbl on the week. Prices were already falling before weak EIA gasoline demand data added to the downside pressure on Wednesday.
  • Diesel margins however continue to rise on limited supply and low inventories. Fuel switching from gas to diesel in Europe will only add to the tight market.
    • US 321 crack up 1$/bbl at 36.6$/bbl
    • US gasoline crack down -0.3$/bbl at 18.61$/bbl
    • US ULSD crack up 2.3$/bbl at 72.52$/bbl
    • Gasoline-Brent up 0.2$/bbl at 9.42$/bbl
    • Gasoil-Brent up 2.2$/bbl at 55.65$/bbl

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