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Tight Supplies Support Refined Product Crack Spreads

OIL PRODUCTS

US gasoline imports from Europe in the week ending Nov 3 rose from the lowest since January according to bills of lading and ship-tracking data from Bloomberg.

  • European gasoline arrivals in the US increased week on week to 240kbpd compared with 127.6kbpd in the previous week
  • Total motor gasoline stocks in the US are currently 5.9% below normal with stocks in PADD1 over 14% below normal.
  • Both diesel and gasoline cracks are trading higher today with low stocks and limited supplies supporting refined product spreads.
    • Brent JAN 23 up 0% at 97.94$/bbl
    • WTI DEC 22 down -0.2% at 91.64$/bbl
    • US 321 crack up 2$/bbl at 37.72$/bbl
    • US gasoline crack up 1.9$/bbl at 21.51$/bbl
    • US ULSD crack up 3.5$/bbl at 70.28$/bbl

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