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Prompt Gasoil Spreads Surge on Tight Supplies

OIL PRODUCTS

The ongoing refinery strikes in France are driving a tighter diesel market coming into the winter months.

  • The Gasoil prompt spreads has surged up to 92.5$/mt today with the seasonal tightening of supply combining with the French outages, seasonal maintenance, and concerns as to whether Middle East supplies will cover for lower supplies from Russia.
  • European Gasoil inventories are still 30% below the five-year average for the time of year.
  • US imports of European gasoline fell 15% w/w to 239kbpd in the week to Sep 29, according to bills of lading and ship-tracking data compiled by Bloomberg.
    • Gasoil OCT 22 up 2.5% at 1131$/mt
    • Gasoil OCT 22-NOV 22 up 10.75$/mt at 92.75$/mt
    • Gasoil DEC 22-DEC 23 up 10.5$/mt at 166$/mt
    • US gasoline crack down -1.8$/bbl at 24.39$/bbl
    • US ULSD crack up 1.5$/bbl at 63.04$/bbl
    • EU Gasoline-Brent down -1.5$/bbl at 5.63$/bbl
    • EU Gasoil-Brent up 1.7$/bbl at 40.85$/bbl
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The ongoing refinery strikes in France are driving a tighter diesel market coming into the winter months.

  • The Gasoil prompt spreads has surged up to 92.5$/mt today with the seasonal tightening of supply combining with the French outages, seasonal maintenance, and concerns as to whether Middle East supplies will cover for lower supplies from Russia.
  • European Gasoil inventories are still 30% below the five-year average for the time of year.
  • US imports of European gasoline fell 15% w/w to 239kbpd in the week to Sep 29, according to bills of lading and ship-tracking data compiled by Bloomberg.
    • Gasoil OCT 22 up 2.5% at 1131$/mt
    • Gasoil OCT 22-NOV 22 up 10.75$/mt at 92.75$/mt
    • Gasoil DEC 22-DEC 23 up 10.5$/mt at 166$/mt
    • US gasoline crack down -1.8$/bbl at 24.39$/bbl
    • US ULSD crack up 1.5$/bbl at 63.04$/bbl
    • EU Gasoline-Brent down -1.5$/bbl at 5.63$/bbl
    • EU Gasoil-Brent up 1.7$/bbl at 40.85$/bbl