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Tight Diesel Markets Support Spreads

OIL PRODUCTS

Diesel cracks ticking higher with support from tight global supplies.

US Cracks had pulled back from the record peak of 88.5$/mt last week to about 61$/mt before recovering ground today. Spreads were approximately 23$/mt at the start of the year.

  • Workers strikes at French refineries have eased but strikes are still impacting the Gonfreville and Feyzin refineries. Prompt Gasoil time spreads are steady today after the announced end to some strikes last week.
  • Demand for diesel may be boosted during the winter heating season as extra uncertainty exists over future Russian crude and product supplies and due to much reduced natural gas supplies into Europe.
    • Brent DEC 22 down -1.1% at 92.46$/bbl
    • WTI DEC 22 down -1.5% at 83.8$/bbl
    • Gasoil NOV 22 up 2.4% at 1076$/mt
    • US 321 crack up 1.3$/bbl at 34.69$/bbl
    • US gasoline crack up 0.2$/bbl at 19.09$/bbl
    • US ULSD crack up 1.9$/bbl at 65.85$/bbl
    • Gasoil NOV 22-DEC 22 up 1.25$/mt at 68.5$/mt
    • Gasoil DEC 22-DEC 23 up 24.25$/mt at 195.5$/mt
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