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Gasoline Cracks Stay Low As GasBuddy Show Another Demand Drop

OIL PRODUCTS

US gasoline crack spreads are relatively stable after small declines since Nov 20 with margins holding below levels seen in last couple of years. The weak spreads are driven by ongoing concern for demand and steady supply.

  • Weekly (Sun-Sat) US gasoline demand fell 2.6% compared to the previous week and was 3.3% below the four week average according to GasBuddy data. GasBuddy models US gasoline demand at the lowest level since late-January.
  • Global stocks remain fairly healthy and boosted by the return of refineries from maintenance as diesel and jet fuel continue to support refinery runs despite low gasoline margins. US refinery outages have fallen significantly from the peak in mid October although EIA data last week showed overall US rates of 87% are still below the 9 year average of around 90%.
    • RBOB DEC 23 down 0% at 2.16$/gal
    • EU Gasoline-Brent down -0.4$/bbl at 7.55$/bbl
    • US gasoline crack up 0.3$/bbl at 14.89$/bbl
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