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Gasoline Cracks Higher Before EIA Data

OIL PRODUCTS

Gasoline crack spreads ticking higher ahead of the EIA inventory data release this afternoon and despite the falling crude prices.

  • Expectation is for further draws in both US gasoline and distillate stocks adding to already low levels.
  • EIA gasoline demand has fallen in recent weeks but figures from OPIS and Gas Buddy as well as US oil refiner comments in recent weeks suggest gasoline demand destruction is not as bad as EIA data indicates.
  • Brent OCT 22 down -1.5% at 94.9$/bbl
  • WTI SEP 22 down -1.5% at 89.14$/bbl
  • Gasoil AUG 22 down -2.1% at 976.5$/mt
  • US gasoline crack up 0.9$/bbl at 34.97$/bbl
  • US ULSD crack down -1.2$/bbl at 48.18$/bbl
  • Gasoline-Brent up 0.3$/bbl at 17.26$/bbl
  • Gasoil-Brent down -0.9$/bbl at 33.69$/bbl

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