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Diesel Recovering but Gasoline Lower

OIL PRODUCTS

US and European diesel crack spreads are recovering ground today as gasoline cracks drift lower.

  • Insights Global reported a rise in European ARA Gasoil and Gasoline stocks this week. Gasoil rose 7k mt to 1.52m mt but remains over 40% below 5-year average levels. Gasoline stocks rose 66k mt to 1.21m mt to take stocks back above normal for the time of year.
  • Prices are down on the week as signs that high pump prices are starting to impact product demand have combined with wider economic concerns and higher distillate supplies to Europe. EIA data this week showed the 4 week average gasoline and distillate demand both drifting away from 5-year average levels.
  • US 321 crack up 0.4$/bbl at 48.34$/bbl
  • US gasoline crack down -0.9$/bbl at 43.01$/bbl
  • US ULSD crack up 3$/bbl at 58.99$/bbl
  • Brent FCC margin up 3.2$/bbl at 19.93$/bbl
  • Gasoline-Brent down -3.4$/bbl at 34.25$/bbl
  • Gasoil-Brent up 6.9$/bbl at 44.53$/bbl

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