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Gasoline Margins Holding Near Highest Since July

OIL PRODUCTS

Gasoline margins are holding steady today near the highest since Jul 2022. Crack spreads have seen a rally this year in the run up towards the summer driving season and with the switch to summer grade gasoline. The US spread has risen from a low of 14.3$/bbl in December up to 38.4$/bbl.

  • Prices are also supported by a gradual rebound in US gasoline demand, below normal US inventories and the ongoing refinery maintenance season. US gasoline demand rose 3.0% last week (Sun-Sat) from the prior week to the highest since early December according to GasBuddy Data. Demand was this week 2.9% above the four-week moving average.
  • Shipments of gasoline from Europe to the US declined in the week to 16 March. Volumes fell to 104kbpd compared to 155kbpd in the previous week according to bills of lading and ship tracking data from Bloomberg.
    • US 321 crack down -0.9$/bbl at 40.02$/bbl
    • US gasoline crack down -0.4$/bbl at 38.4$/bbl
    • US ULSD crack down -1.9$/bbl at 43.27$/bbl
    • EU Gasoline-Brent down -1.5$/bbl at 20.5$/bbl
    • EU Gasoil-Brent down -1.3$/bbl at 24.57$/bbl

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