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Gasoline Cracks Edge Lower After Weak EIA Demand Data
Gasoline cracks are edging slightly lower again today after the decline yesterday driven by weak demand in the weekly EIA petroleum data.
- The four week gasoline and diesel implied demand declined in the week to 28 April taking levels to the low end of the five year range (excluding 2020) according to the latest EIA weekly oil data.
- Gasoline demand is disappointing ahead of the expected boost from the summer driving season with Opis data showing demand in the week to 22 April down 20% compared to the same week in 2019.
- Low US stocks are providing some support with inventories still below the five year range and over 6% below the average despite an increase shown yesterday. Most of the increase was seen on the East Coast with higher imports from Europe.
- Weak gasoline and diesel demand is weighing on the wider oil market and raising speculation that low margins will result in refinery runs cuts in the coming months, especially in Asia.
- US 321 crack unchanged at 27.57$/bbl
- US gasoline crack down -0.2$/bbl at 28.79$/bbl
- US ULSD crack up 0.4$/bbl at 25.13$/bbl
- EU Gasoline-Brent down -0.2$/bbl at 14.37$/bbl
- EU Gasoil-Brent down -0.2$/bbl at 13.86$/bbl
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