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Gasoline Price Gains Muted by Soft End of Summer Demand

OIL PRODUCTS

Gasoline crack spreads are trading higher today although with moves more muted than for diesel markets.

  • The front month US gasoline crack is currently up 0.8$/bbl today compared to an increase of 3.8$/bbl for the front month diesel crack. Both markets are supported by low stocks and refinery outages, but gasoline demand is however showing signs of weakness at the end of the summer driving season.
  • Weekly (Sun-Sat) US gasoline demand last week fell 3.9% from the prior week and was 3.9% below the four week moving average according to GasBuddy data. They model US demand down at 8.59mbpd.
    • US gasoline crack up 0.8$/bbl at 24.99$/bbl
    • US ULSD crack up 3.9$/bbl at 54.74$/bbl
    • EU Gasoline-Brent up 0.7$/bbl at 17.82$/bbl
    • EU Gasoil-Brent up 2.7$/bbl at 36.23$/bbl

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