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Refining Margins Fall with Weaker Gasoline and Diesel

OIL PRODUCTS

Refining margins are drifting lower today with a fall in both gasoline and diesel cracks.

  • Concern for fuel demand continues to weigh on prices despite an increase in EIA implied demand earlier this week and high refinery outages.
  • Fuel stations in Florida have faced disruption due to power outages and road blockages after Hurricane Ian.
  • European Gasoil stocks were shown to have increased yesterday driven by higher imports from the Arab Gulf and South Asia.
  • France currently has around 60% of refineries out of action due to strikes and offline capacity. Reports earlier today suggested filling station in parts of France are starting to run out. France is also considering the idea to refill oil product stocks during October and November.
    • US 321 crack down -0.6$/bbl at 31.31$/bbl
    • US gasoline crack down -0.6$/bbl at 19.12$/bbl
    • US ULSD crack down -0.5$/bbl at 55.8$/bbl
    • EU Gasoline-Brent down -0.2$/bbl at 7.56$/bbl
    • EU Gasoil-Brent down -1.8$/bbl at 38.35$/bbl

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