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EU Gasoline Crack Bounces From Lowest in Two Years

OIL PRODUCTS

Gasoline and diesel crack spreads have bounced off lows yesterday following the increasing prices across the oil markets on expectations of tighter supply. Diesel spreads are however now drifting back lower again today.

  • The latest Petro Logistics data suggests a drop in the August gasoil and gasoline exports from Russia.
  • Economic concerns and weak gasoline demand data has gradually driven gasoline spreads lower since June with European gasoline cracks yesterday reaching the lowest since early 2020.
    • Brent NOV 22 up 1.9% at 94.12$/bbl
    • WTI OCT 22 up 2% at 88.37$/bbl
    • US 321 crack up 0.3$/bbl at 30.32$/bbl
    • US gasoline crack up 1.4$/bbl at 14.95$/bbl
    • US ULSD crack down -1.5$/bbl at 61.14$/bbl
    • Gasoline-Brent up 2$/bbl at 1.03$/bbl
    • Gasoil-Brent down -2$/bbl at 41.29$/bbl
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