Free Trial

Gasoline Crack Slips Back to Losses

OIL PRODUCTS

US gasoline cracks are weakening again during US hours to hit intraday lows, reversing the temporary rebound to $23.944/b earlier in the day.

  • US gasoline crack down 0.3$/bbl at 23.21$/bbl
  • RBOB AUG 24 down 1.6% at 2.43$/gal
  • Gasoline is under pressure due to below-expectation summer driving demand and has been on a general downtrend since early July. This followed a brief rebound in mid-June.
  • U.S. retail gasoline demand fell 0.5-1.0% for the week ending July 20 (Sun-Sat), according to GasBuddy estimates.
  • The weakness comes despite expectations of a US stock draw last week. The WSJ expects a draw of 0.7m bbl, compared to Reuters forecast of a 0.5m bbl draw and Platts prediction of a 1.4m bbl draw.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.