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Refining Margins Fall in US and EU

OIL PRODUCTS

Refined product cracks falling with diesel losing much of the gains from last week.

  • Gasoline margins are trading near the lows from the last few days with demand concerns having driven the spreads down from a peak in June despite lower pump prices..
  • US gasoline retail pump prices continue to fall with GasBuddy reporting the national average at 3.81$/bbl while diesel has increase slightly back up to 5.04$/bbl.
  • The US 321 crack spread is down to 33.5$/bbl having peaked over 60$/bbl in June. The spread which approximates the product yield at a typical US refinery is still well above the start of year level of around 20$/bbl.
    • US 321 crack down -3.5$/bbl at 33.55$/bbl
    • US gasoline crack down -3.2$/bbl at 16.22$/bbl
    • US ULSD crack down -4.4$/bbl at 68.16$/bbl

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