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Gasoline and Diesel Cracks Fall Ahead of EIA Stock Data

OIL PRODUCTS

Gasoline and diesel margins fall ahead of the weekly EIA US inventory data release.

  • EIA gasoline stocks are expected to show a draw of -1.63mbbls and distillates a draw of -0.51mbbls according to a Bloomberg survey although API data released last night showed a build of +0.5mbbls in gasoline inventories and a draw of -2.0mbbls for distillates.
  • Shipments of gasoline from Europe to the US declined in the week to 6 April. Volumes fell to just 85kbpd and the lowest since the end of Jan according to bills of lading and ship tracking data from Bloomberg.
    • US 321 crack down -1.1$/bbl at 34.7$/bbl
    • US gasoline crack down -2$/bbl at 36.85$/bbl
    • US ULSD crack down -0.5$/bbl at 30.2$/bbl
    • EU Gasoline-Brent down -2$/bbl at 20.23$/bbl
    • EU Gasoil-Brent down -0.6$/bbl at 16.45$/bbl

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