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Gasoline and Diesel Cracks Continue Slide

OIL PRODUCTS

Gasoline and diesel cracks are sliding further on the day, as continued lacklustre demand - in what is meant to be peak driving season - piles pressure on margins.

  • US gasoline crack down 0.6$/bbl at 22.26$/bbl
  • US ULSD crack down 0.4$/bbl at 22.32$/bbl
  • Diesel cracks fell earlier today to an intraday low of $21.444/b, the lowest since Nov. 2021.
  • Distillates built by 3.454m bbl with higher production despite the drop in refinery runs while exports also dipped on the week.
  • Meanwhile, gasoline cracks have fallen to their lowest level since June 17.
  • Gasoline stocks built by 3.328m bbl, driven by a drop in implied demand to counter some of the gains seen in recent weeks and despite a drop in production on the week. Four-week implied demand fell back below levels seen this time last year.
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