October 07, 2022 13:22 GMT
Diesel crack spreads continue the weekly trend higher with tight supplies, low stocks in both US and EU and a slight recovery in US implied demand this week.
- The US spread is up 20$/bbl and EU up about 13$/bbl since the start of the week.
- High refinery outages due to maintenance and French strikes, and lower flows from Russia are keeping supplies tight with strengthening Gasoil curve backwardation.
- EIA data this week showed US distillate stocks 21% below normal. European ARA Gasoil stocks are 29% below normal despite a small increase of 27k mt in the Insights Global data updated yesterday.
- US 321 crack up 0$/bbl at 40.91$/bbl
- US gasoline crack down -1.1$/bbl at 23.09$/bbl
- US ULSD crack up 2.5$/bbl at 76.63$/bbl
- EU Gasoline-Brent down -0.3$/bbl at 4.68$/bbl
- EU Gasoil-Brent up 0.6$/bbl at 47.9$/bbl