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Free AccessTight Supplies Support Rising Diesel Crack Spreads
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
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.