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Free AccessGasoline Cracks Resume Rally Towards Friday Highs
US gasoline and diesel crack spreads have resumed the trend higher since the start of last week after a slight correction lower on Friday. The US gasoline front month crack is approaching the high from Friday at just below 17.29$/bbl amid US refinery outages and severe cold weather in the US this week.
- US gasoline demand increased 1.6% for the week to Jan 14 and modelled at 8.29mbpd ahead of winter weather according to GasBuddy data. Slower economic prospects are weighing on global oil prices primarily led by concerns over China.
- The average price of gasoline has inched up by 0.6c/gal from a week ago to $3.04/gal and 23.9c/gal lower than a year ago. Diesel is down 2c/gal on the week to $3.8/gal and 69c/gal lower than one year ago according to GasBuddy.
- Some Russian gasoline exports could be redirected to the domestic market following the halt to a catalytic cracking unit at the Norsi refinery in Nizhny Novgorod earlier this month according to the Energy Ministry. Russian inventories reached almost 2m tons and more than enough to meet demand said a statement. Gasoline exports were just over 170kb/d in Jan 1-10 according to Bloomberg.
- US 321 crack up 0.5$/bbl at 24.6$/bbl
- US gasoline crack up 0.8$/bbl at 17.17$/bbl
- US ULSD crack down -0.2$/bbl at 39.46$/bbl
- EU Gasoline-Brent up 0.6$/bbl at 11.13$/bbl
- EU Gasoil-Brent up 0.3$/bbl at 24.91$/bbl
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Why MNI
MNI is the leading provider
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