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Gasoline Cracks Pull Back but Still 7$ Higher in the Month

OIL PRODUCTS

The fire at US refinery BP Toledo which caused a shutdown earlier this week resulted in an increase in local pump prices.

  • Gasoline prices normally fall at this time of year following the end of the summer driving season, but low stocks and refinery outages have provided recent support. Current seasonal maintenance could cut stocks even further.
  • Upside risk also remains from the end of the Atlantic hurricane season despite no major hurricanes so far this year.
  • US gasoline crack spreads have eased back today following a rally from a low near 10$/bbl at the start of September back to over 19$/bbl yesterday.
    • US 321 crack down -1.3$/bbl at 29.64$/bbl
    • US gasoline crack down -1.5$/bbl at 17.17$/bbl
    • US ULSD crack down -0.9$/bbl at 54.53$/bbl
    • EU Gasoline-Brent down -1.3$/bbl at 4.44$/bbl
    • EU Gasoil-Brent down -1.1$/bbl at 37.47$/bbl

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