OIL PRODUCTS END OF DAY SUMMARY: Gasoline Cracks Ease Back

Gasoline crack spreads continue to ease lower following the weak demand and US stock build shown in the weekly EIA data on Wednesday. Diesel markets are holding on recent gains today.

• US gasoline crack spreads have pulled back from a peak of nearly 42.4$/bbl on 28 July.
• US gasoline crack down -0.9$/bbl at 34.17$/bbl
• EU Gasoline-Brent down -0.9$/bbl at 20.74$/bbl
• The EIA four-week average finished gasoline implied demand this week extended the decline seen over the last month and almost down to the low end of the previous five year range.
• US summer gasoline demand has potentially already peaked according to GasBuddy last week although they see week-to-date (Sun-Thu) US gasoline demand data up 1.8% from last week and 2.0% above the four-week average for the same time period.
• Diesel markets are holding on recent gains today with the US and Europe front month cracks this morning up at the highest since early Feb amid ongoing refinery disruptions and tight supplies.
• US gasoline crack down -0.9$/bbl at 34.18$/bbl
• The prompt Gasoil time spread is holding just below the highest since March seen earlier this week while the Dec23-Dec24 spread is holding just below the record high levels around 88$/mt from 2 Aug.
• Gasoil AUG 23 up 0.4% at 903$/mt
• Gasoil AUG 23-SEP 23 down -2.5$/mt at 12.25$/mt
• Gasoil DEC 23-DEC 24 up 0.25$/mt at 80$/mt
• US ULSD crack down -1.8$/bbl at 46.15$/bbl
• EU Gasoil-Brent down -1.2$/bbl at 32.03$/bbl
• European imports of diesel fuel surged to a three-month high amid concerns around local supply.
• Prices of gasoil and gasoline in China have gathered momentum in Q3 and are expected to continue an upward trajectory throughout the quarter according to OilChem.