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US Crack Spreads Edge Lower as Refineries Return from Maintenance

OIL PRODUCTS

US diesel and gasoline margins are edging lower today to extend the decline from last week as US refineries are gradually returning following maintenance and with concerns for weak demand. The gasoline crack is down from a high of over 39$/bbl on 28 Mar to around 36.5$/bbl and diesel is down from around 47$/bbl on 20 Mar to 33.9$/bbl.

  • US diesel exports to Brazil have fallen to a six year low replaced with increasing supplies from Russia. US diesel exports to Brazil were the lowest in data back to 2017 at 37kbpd in March according to Kpler data. Russian flows to Brazil were a record 93kbpd.
  • Imports of gasoline to the New York area of US fell to the lowest since Nov 2018 at 82kbpd according to Kpler data. Imports have decline with weak demand for winter grade gasoline, due to high freight rates and limited exports from Europe due to the French refinery strikes.
    • US 321 crack down -0.2$/bbl at 35.64$/bbl
    • US gasoline crack down -0.3$/bbl at 36.49$/bbl
    • US ULSD crack down -0.1$/bbl at 33.93$/bbl
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