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Gasoline Cracks Weaker, Diesel Stronger Before EIA Data

OIL PRODUCTS

Gasoline falling but diesel higher ahead of the updated EIA US inventory data later.

  • The expectation is for distillates to draw -1.46mbbls and for gasoline to draw by -1.38mbbsl.
  • Global gasoline stocks are relatively healthy compared to diesel stocks after low gasoline demand over the summer driving season.
  • Low distillate stocks and concerns for global supplies due to reduced Russia flows to Europe are keeping diesel markets tight. The potential for gas to oil switching in Europe could also boost diesel demand during the winter heating season.
    • US 321 crack down -0.6$/bbl at 37.02$/bbl
    • US gasoline crack down -2.9$/bbl at 23.32$/bbl
    • US ULSD crack up 2.8$/bbl at 64.35$/bbl
    • EU Gasoline-Brent down -2.1$/bbl at 5.01$/bbl
    • EU Gasoil-Brent up 3.5$/bbl at 42.63$/bbl
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