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End of Day Oil Products Summary: Diesel Edges Higher

OIL PRODUCTS

Diesel markets are edging higher with low stocks supporting prices despite the small gains seen this week.

  • US gasoline prices have eased back in recent days to the lowest in two weeks with limited disruption despite extreme heat on the US Gulf Coast and a West Coast hurricane. Diesel margins remain strong with concern for low distillates supplies before the peak winter consumption.
  • EIA Weekly US Petroleum Summary - w/w change week ending Aug 18: Gasoline stocks +1,468 vs Exp -716, Implied mogas demand +59, Distillate stocks +945 vs Exp +567
  • Pump prices in the US are approaching the highest seasonal level in data back to 2008 with regular gasoline now at an average of $3.854/gal according to AAA. The impact of rising gasoline prices on inflation are a concern for the US and a potential extension to the Fed rate tightening cycle.
  • Europe’s diesel and gasoil arrivals in the EU and UK were just 909kbpd in the first 20 days in August and on course for a five month low according to Kpler.
  • US gasoline crack down -8$/bbl at 28$/bbl
  • US ULSD crack up 0.3$/bbl at 51.86$/bbl
  • EU Gasoline-Brent up 1.3$/bbl at 26.97$/bbl
  • Gasoil SEP 23 down -0.4% at 911$/mt
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