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Gasoline Eases Back From Yesterday's Gains

OIL PRODUCTS

Gasoline cracks are pulling back today to reverse most of the gains seen yesterday but remain well above levels seen at the start of the month. Recent gasoline strength has been boosted by an unplanned FCC outage at Exxon’s Baton Rouge Gulf Coast refinery with the unit potentially offline for 2-3 weeks.

  • A gasoline cargo from Saudi Arabia’s Jizan refinery has been diverted away from New York to a storage hub in the Bahamas suggesting a well supplied physical market according to Bloomberg.
  • New York Harbor RBOB is at a small premium to Nymex futures after flipping to a rare discount at the end of last week.
    • RBOB AUG 23 down -1.1% at 2.86$/gal
    • EU Gasoline-Brent down -1$/bbl at 28.83$/bbl
    • US gasoline crack down -1.4$/bbl at 39.31$/bbl

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