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Gasoline Cracks Ease Back to Reverse Earlier Gains

OIL PRODUCTS

Gasoline crack spreads reverse earlier gains with the US front month back at levels seen late in June at 34.3$/bbl from a rally to around 36.4$/bbl on 30 June according to Bloomberg data.

  • US imports of European gasoline have slipped to a 5-week low after the surge in April/May ahead of the summer driving season. East Coast stocks have fallen recently against higher domestic demand from the driving season while a pick up in European gasoline has weakened shipments from the key supplier.
  • Weekly US gasoline demand rose 4.3% from last week and 4.5% above the four-week average, driven by increased travel for July 4 holiday according to GasBuddy data.
  • Total US gasoline stocks were last week showing as 6.7% below the five year average with East Coast PADD1 stocks falling on the week to 14.5% below normal.
    • US gasoline crack down -0.2$/bbl at 34.28$/bbl
    • EU Gasoline-Brent up 0.6$/bbl at 19.23$/bbl
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BulletEnergy BulletsHomepageCommoditiesUS

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