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Oil products ease after weekly rally

OIL PRODUCTS

Gasoline spreads largely unchanged but diesel spreads easing after rallying 5$ this week.

  • US gasoline crack unchanged at 45.31$/bbl and diesel 1.4$ lower at 46.6$/bbl.
  • With refined product markets so tight and refiners already running at the top of the 5-year range at 93.2%, the US is asking the oil industry about the possibility of restarting refineries.
  • More than 1mbpd (5%) of US refining capacity has shut since the start of the pandemic with global refining capacity reduced by an extra 2.13mbpd according to Turner, Mason & Co.
  • Earlier this week Saudi Aramco suggested the crude market was balanced with market tightness coming from the refined products sector. They encouraged more long-term investment to increase the limited spare capacity.
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