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Refining Margins Ease After Rallying on Turn Around in EIA Demand

OIL PRODUCTS

Diesel and gasoline cracks are drifting off today after rallying this week on supply concerns and in reaction to a recover in EIA implied demand yesterday.

  • The 4-week average product supplied data from EIA showed a slight pick up in gasoline demand and a bigger bounce in distillate demand. Both are now back near 2020 levels but remain well below normal for the time of year.
  • Gasoline demand has disappointed over the summer with high pump prices limiting consumption and wider economic issues have started to impact distillate demand in recent weeks.
    • US 321 crack down -0.3$/bbl at 33.14$/bbl
    • US gasoline crack down -0.3$/bbl at 20.93$/bbl
    • US ULSD crack down -0.8$/bbl at 57.3$/bbl
    • EU Gasoline-Brent down -0.3$/bbl at 9.31$/bbl
    • EU Gasoil-Brent down -0.8$/bbl at 40.31$/bbl

Source: MNI / EIA

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Diesel and gasoline cracks are drifting off today after rallying this week on supply concerns and in reaction to a recover in EIA implied demand yesterday.

  • The 4-week average product supplied data from EIA showed a slight pick up in gasoline demand and a bigger bounce in distillate demand. Both are now back near 2020 levels but remain well below normal for the time of year.
  • Gasoline demand has disappointed over the summer with high pump prices limiting consumption and wider economic issues have started to impact distillate demand in recent weeks.
    • US 321 crack down -0.3$/bbl at 33.14$/bbl
    • US gasoline crack down -0.3$/bbl at 20.93$/bbl
    • US ULSD crack down -0.8$/bbl at 57.3$/bbl
    • EU Gasoline-Brent down -0.3$/bbl at 9.31$/bbl
    • EU Gasoil-Brent down -0.8$/bbl at 40.31$/bbl

Source: MNI / EIA