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Oil Products Summary: Diesel, Gasoline Cracks Rally Post EIA

OIL PRODUCTS

Diesel and gasoline cracks have rallied post EIA data showing falling stocks and recovering implied demand.

  • Gasoil AUG 23 up 6% at 942.25$/mt
  • Gasoil AUG 23-SEP 23 up 6.5$/mt at 17$/mt
  • •Gasoil DEC 23-DEC 24 up 17$/mt at 90.5$/mt
  • EU Gasoil-Brent up 2.3$/bbl at 34.99$/bbl
  • US ULSD crack up 2.5$/bbl at 49.28$/bbl
  • Gasoline and distillates stock fell more than expected to keep levels well below normal with a fall in imports and an increase in exports offsetting slightly higher production. Gasoline implied demand showed a recovery after the trend lower in recent weeks. Distillates four-week average demand gain ground despite a small decline on the week.
  • Gasoline stocks: -2,661 vs Exp -60, Distillate stocks -1,706 vs Exp +195, Implied demand +464
  • Exports of Russian refined fuels fell to 2.6m b/d in the week to Aug. 4, a 14% fall week-on-week.
  • Demand for passenger jet fuel is set to grow despite the summer season nearing a close, according to BloombergNEF.
  • Exports of Russian refined fuels fell to 2.6m b/d in the week to Aug. 4, according to Vortexa data, a 14% fall week-on-week.

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