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European Gasoil-Brent Nearing Record Highs Again

OIL PRODUCTS

The European Gasoil-Brent spread is back near record highs after inventory data yesterday showed ARA gasoil stocks fell further to 1.46m mt. Stocks are now nearly 30% lower than the 5-year range.

  • The gasoline bull trend continues with the spread to Brent up from near 10$/bbl at the start of the year to 46.5$/bbl.
  • US gasoline and ULSD also rebounded yesterday after a volatile few days. Both spreads are lower than peaks seen over the last month but are still in a bull trend since the start of the year.
  • Brent FCC margin up 0.1$/bbl at 24.52$/bbl
  • Gasoline-Brent up 0.43$/bbl at 46.56$/bbl
  • Gasoil-Brent up 0.24$/bbl at 46.17$/bbl
  • US 321 crack up 0.81$/bbl at 60.24$/bbl
  • US gasoline crack up 1.12$/bbl at 58.25$/bbl
  • US ULSD crack up 0.21$/bbl at 64.22$/bbl
  • The graph below shows the European Gasoil inventories in ARA for this year compared to the 5-year range:

Source: Bloomberg

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