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Gasoline Cracks Pull Back from Previous Gains

OIL PRODUCTS

Gasoline cracks are pulling back to reverse some of the recovery seen earlier this week. The Apr US gasoline crack is down from around 36$/bbl at the end of Jan to 32.9$/bbl but still above the lows around 31$/bbl seen on 17 Feb.

  • Weak demand and healthy supplies are weighing on prices despite the strong US refinery maintenance season and ongoing concern for Russia product outputs. Russian oil output has maintained stronger than expected so far following on from EU and G7 sanctions which came in to effect on 5 Dec for crude and 5 Feb for products.
    • US gasoline crack down -1.2$/bbl at 33.05$/bbl
    • US ULSD crack down -0.3$/bbl at 40$/bbl
    • EU Gasoline-Brent down -1.3$/bbl at 11.36$/bbl
    • EU Gasoil-Brent up 0$/bbl at 25.32$/bbl

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