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Japan Tokyo Jul Core CPI +2.2% Y/Y

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MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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Gasoline Cracks Steady After Strong Rally Yesterday

OIL PRODUCTS

Gasoline cracks are steadying after the strong rally in both US and European spreads yesterday.

  • The European Dec EBOB crack rallied to the highest since Aug 19 from 4$/bbl as high as 6.65$/bbl earlier today.
  • Despite healthy gasoline stocks in Europe, supplies in US are low and sanctions on Russian oil are giving concern for crude supplies to Europe later this year and into 2023. EIA data yesterday showed US gasoline stocks fell to the lowest since 2014 with especially tight supplies on the east coast.
  • US gasoline demand remains low after the disappointing driving season. The EIA four week average gasoline product supplied fell again bringing it back down to 2020 levels.
    • US 321 crack up 0$/bbl at 37.56$/bbl
    • US gasoline crack up 0.8$/bbl at 24.11$/bbl
    • US ULSD crack down -0.7$/bbl at 64.8$/bbl
    • EU Gasoline-Brent down -0.2$/bbl at 6.29$/bbl
    • EU Gasoil-Brent up 0.5$/bbl at 38.09$/bbl
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