Oil Products End of Day Summary: US Pump Prices Still High

Diesel and gasoline markets are edging higher, extending the gains seen yesterday with low global inventories supporting spreads with supplies tight ahead of the winter season despite wider market demand concerns. Gasoline cracks have eased lower today to see a net decline on the week with front month down from around 40.65$/bbl to 37$/bbl.

• US retail regular gasoline pump prices are near the highest since October at 3.847$/gal despite the price inching down this week according to GasBuddy.
• Chinese diesel exports last months rose to 910,000t, up by 153.1% on the year. Gasoline exports in July rose by 39% on the year to 1.22mn tons.
• Chinese refined product prices may soften in the near term but will see a strong rebound from September, potentially prompting advanced stockpiling according to Oilchem.
• China’s diesel inventories rose to the highest in 19 weeks in the week to 17 August according to Oilchem data.
• Stockpiles of diesel in Europe may face a fresh round of draws as transatlantic flows lose momentum, according to Kpler.
• US gasoline crack up 0.1$/bbl at 37.88$/bbl
• US ULSD crack up 1.2$/bbl at 51.12$/bbl
• RBOB SEP 23 up 0.1% at 2.83$/gal
• Gasoil SEP 23 up 1.6% at 915.5$/mt
• Gasoil SEP 23-OCT 23 up 1$/mt at 14.25$/mt
• Gasoil DEC 23-DEC 24 up 7.75$/mt at 86.25$/mt
• EU Gasoline-Brent down -0.2$/bbl at 27.16$/bbl