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Oil Products Summary at European Close: Gasoline Cracks Fall

OIL PRODUCTS

Gasoline cracks have softened on the day, rolling back some of yesterday’s gains. Weak seasonal demand continues to weigh on the gasoline market.

  • RBOB JAN 24 up 1.3% at 2.19$/gal
  • US gasoline crack down -0.2$/bbl at 18.4$/bbl
  • Gasoil JAN 24 up 0.7% at 790.75$/mt
  • US ULSD crack up 0.4$/bbl at 40.55$/bbl
  • China’s refined oil exports were 3.64m mt, up 6.7% on the month but down 24.8% on the year, according to GACC data, cited by OilChem.
  • Diesel and gasoline crack spreads have eased back after yesterday’s increase following the rally in wider oil markets.
  • Rising demand for air travel during winter is boosting refinery margins for jet fuel, according to Bloomberg.
  • Global jet fuel demand is likely to exceed pre-pandemic levels in H1 2024, according to Argus.

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