Gasoline Cracks Plummet

Gasoline cracks have reversed earlier gains, despite EIA data yesterday showing positive gains and boosting outright prices. Rising crude following indications that further interest rate rises are not an inevitability have hit cracks spreads, as feedstocks rise faster than finished product prices.

• Crude Oil has ticked up into positive territory, following comments from Fed Chair Jerome Powell on a slightly more positive economic picture.
• At the same time, gasoline cracks plummeted from their intraday high of $11.148/b.
• Gasoline demand continue to be weak, with pump prices in the US expected to continue falling up to another 35 cents/gal.
• RBOB NOV 23 up 0.5% at 2.36$/gal
• US gasoline crack down -0.6$/bbl at 10.1$/bbl
• US 321 crack down -0.6$/bbl at 21.11$/bbl
• WTI NOV 23 up 1% at 89.2$/bbl