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Gasoil Spread Extends Rally on Tight Supply

OIL PRODUCTS

Gasoil prompt time spread surges higher up to 84.75$/mt with ongoing diesel supply concerns.

  • The French strikes continue to curtail refinery output and adds to seasonal maintenance, low inventory levels, winter heating demand and future uncertainty over Russia supplies to support spreads.
  • The EU ban on Russian seaborne products will commence on Feb 5 after the crude ban from Dec 5. It remains to be seen if crude supplies from the Middle East will increase enough to cover the missing Russian crude cargoes.
    • Gasoil NOV 22 up 1.3% at 1127.25$/mt
    • Gasoil NOV 22-DEC 22 up 9$/mt at 84.25$/mt
    • Gasoil DEC 22-DEC 23 up 11.75$/mt at 205.25$/mt
    • US gasoline crack down -0.2$/bbl at 23.25$/bbl
    • US ULSD crack up 0.4$/bbl at 86.84$/bbl
    • EU Gasoline-Brent up 0.3$/bbl at 5.2$/bbl
    • EU Gasoil-Brent up 0.7$/bbl at 48.4$/bbl
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