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Gasoline Markets Steady Amid Refinery Outages but Falling Demand

OIL PRODUCTS

Gasoline markets are weighing tight supplies and refinery outages against the potentially faster than normal seasonal drop in gasoline demand after the summer driving season.

  • US gasoline demand on Sun-Tue was down 6.1% vs the Sun-Tue four week average and compared to 3.3% below for the same week in 2022 according to GasBuddy.
  • European gasoline imports into New York nearly halved in the first two weeks of September to 134kbpd according to Kpler data. The imports compare to an average of 250kbpd in August.
  • The transatlantic arbitrage has narrowed as New York spot premiums fell with the transition to winter grade gasoline according to Bloomberg.
  • Marathon Petroleum’s Galveston Bay refinery in Texas had a power interruption on Thursday causing swings on several units and flaring until control was regained, according to a filing with the Texas Commission on Environmental Quality.
    • RBOB OCT 23 up 0.2% at 2.75$/gal
    • EU Gasoline-Brent up 0.3$/bbl at 19.07$/bbl
    • US gasoline crack up 0.3$/bbl at 25.07$/bbl
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