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0.875% Jul-33 Green Gilt

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Product Cracks Steady After Fall From Last Week

OIL PRODUCTS

Diesel and gasoline crack spreads are holding steady after losing ground in recent days.

  • Tight supplies and low stocks continue to support spreads with diesel spreads about three time higher than start of year levels of 23$/bbl in US. US gasoline cracks are only just up on the start of year level of around 15$/bbl. Refiners are prioritising diesel output due to such tight supplies and low inventory levels.
  • Concerns for the impact of high prices and an economic recession on oil demand growth are limiting the upside moves.
    • Brent JAN 23 down -0.7% at 97.21$/bbl
    • WTI DEC 22 down -1% at 90.91$/bbl
    • US 321 crack up 0$/bbl at 35.73$/bbl
    • US gasoline crack up 0.5$/bbl at 20.12$/bbl
    • US ULSD crack up 0.1$/bbl at 66.85$/bbl
    • EU Gasoline-Brent down -0.1$/bbl at 4.35$/bbl
    • EU Gasoil-Brent up 0$/bbl at 39.16$/bbl

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Diesel and gasoline crack spreads are holding steady after losing ground in recent days.

  • Tight supplies and low stocks continue to support spreads with diesel spreads about three time higher than start of year levels of 23$/bbl in US. US gasoline cracks are only just up on the start of year level of around 15$/bbl. Refiners are prioritising diesel output due to such tight supplies and low inventory levels.
  • Concerns for the impact of high prices and an economic recession on oil demand growth are limiting the upside moves.
    • Brent JAN 23 down -0.7% at 97.21$/bbl
    • WTI DEC 22 down -1% at 90.91$/bbl
    • US 321 crack up 0$/bbl at 35.73$/bbl
    • US gasoline crack up 0.5$/bbl at 20.12$/bbl
    • US ULSD crack up 0.1$/bbl at 66.85$/bbl
    • EU Gasoline-Brent down -0.1$/bbl at 4.35$/bbl
    • EU Gasoil-Brent up 0$/bbl at 39.16$/bbl

Keep reading...Show less