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Spreads Steady as US Look to Reduce Pump Prices

OIL PRODUCTS

Refined product crack spreads are stable after continuing the bull trend yesterday. The latest EIA stock data was expected later today but systems issues have delayed the release. EIA have stated they will release the delayed data as soon as possible.

  • In the US, Biden is planning on the suspension of the federal gasoline tax but at only 18.4c/gal the impact of this may be limited. Energy Secretary Granholm will meet with oil executive later today to discuss ways to increase output.
  • US 321 crack up 1$/bbl at 58.57$/bbl
  • US gasoline crack up 1.3$/bbl at 50.98$/bbl
  • US ULSD crack up 0.5$/bbl at 73.75$/bbl
  • Brent FCC margin up 0.3$/bbl at 30.68$/bbl
  • Gasoline-Brent down -1.2$/bbl at 45.67$/bbl
  • Gasoil-Brent up 0.2$/bbl at 57.52$/bbl

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