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Gasoline Cracks Continue to Edge Higher on Demand Support

OIL PRODUCTS

Gasoline cracks are edging higher to continue the gradual recovery seen over the last few weeks although demand remains weak despite a slight recover in EIA data in recent weeks. Gasoline stocks have risen above normal while refiners continue strong supplies with margins supported by historically healthy diesel cracks.

  • US gasoline stocks were last week 2% above the five year average while four week average finish gasoline supplied was still 3.3% below the five year average despite slow gains seen since a low at the end of September.
  • Weekly US (Sun-Sat) US gasoline demand last week increased 1.4% on the week and was 0.1% above the four week average according to GasBuddy data.
  • The front month US gasoline crack has risen from 7.48$/bbl on Oct 13 back to 12.43$/bbl but remain low compared to the highs of over 40$/bbl seen in mid August.
    • RBOB DEC 23 up 2% at 2.25$/gal
    • EU Gasoline-Brent up 0.7$/bbl at 5.88$/bbl
    • US gasoline crack up 0.9$/bbl at 12.48$/bbl
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