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Gasoline and Diesel Spreads Higher Again

OIL PRODUCTS

US gasoline imports from Europe fell to the lowest in five weeks according to Bloomberg ship tracking data. US East Coast gasoline arrivals in the week to 16th June were down 47% to 283kbpd and the lowest since mid-May. The previous week saw a 10-month high at 539kbpd.

  • The US Gasoline crack spread is picking up today having pulled back from a peak of 61.9$/bbl at the start of the month down to a low of 42.9$/bbl late last week. The spread fell on the wider market economic concerns for the impact of high inflation on oil demand. Spreads have since recovered with supply still so tight. US are considering whether to suspend the federal gasoline tax to help ease pump prices and are exploring any possible ways to increase output.
  • Diesel stock levels are even lower than gasoline and the US cracks spread is pushing ever higher. The diesel crack spreads are once again trading up today to new record levels.
  • US 321 crack up 1.7$/bbl at 60.98$/bbl
  • US gasoline crack up 2$/bbl at 52.54$/bbl
  • US ULSD crack up 1.1$/bbl at 77.86$/bbl
  • Brent FCC margin up 0$/bbl at 28.31$/bbl
  • Gasoline-Brent down -0.9$/bbl at 40.57$/bbl
  • Gasoil-Brent up 1.1$/bbl at 57.81$/bbl
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