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Gasoil Spreads Rally on Refinery Outages

OIL PRODUCTS

Gasoil time spreads continue to rally on high European refinery outages

  • Diesel spreads have surged as multiple French refineries have shut down due to strike action therefore reducing diesel production. European offline capacity is expected to reach 1.5mbpd in October. France is reported to be relying on imports to meet demand.
  • European gasoil stocks have recently started to increase with higher imports from the Arab Gulf and South Asia. The implementation of the EU ban on Russian seaborne products in early Feb will force Europe to rely more heavily on other sources of imports.
    • Gasoil OCT 22-NOV 22 up 2.5$/mt at 54$/mt
    • Gasoil DEC 22-DEC 23 up 18.75$/mt at 133.75$/mt
    • EU Gasoil-Brent down 0.6$/bbl at 36.56$/bbl
    • US gasoline crack up 0.9$/bbl at 20.97$/bbl
    • US ULSD crack up 1.6$/bbl at 57.54$/bbl
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