US Crack Spreads Edge Up from Lows Ahead of EIA Data

Diesel and gasoline cracks are edging back up from lows earlier in the day ahead of the updated EIA weekly petroleum inventory data.

• The US front month diesel crack reached the lowest since July at 41.25$/bbl earlier today and the gasoline crack fell to the lowest this year at nearly 14$/bbl yesterday.
• The market is weighing tight supplies from low inventories and refinery maintenance against concerns for demand and strong Asian exports.
• Diesel and gasoline stocks are expected to remain low again this week with small EIA draws in both gasoline and distillates expected according to a Bloomberg survey. Last week US distillates stocks were 15.1% below normal and gasoline was still 2.9% below despite a build during September so far amid weak end of summer demand.
  • Gasoil OCT 23 up 1.1% at 964.75$/mt
  • ULSD OCT 23 up 0.8% at 3.25$/gal
  • Gasoil OCT 23-NOV 23 down -0.75$/mt at 26.75$/mt
  • Gasoil DEC 23-DEC 24 up 3.5$/mt at 102.25$/mt
  • EU Gasoil-Brent down -0.2$/bbl at 30.19$/bbl
  • US ULSD crack down -2.1$/bbl at 41.7$/bbl
  • RBOB OCT 23 up 2.5% at 2.63$/gal
  • EU Gasoline-Brent up 0.5$/bbl at 14.32$/bbl
  • US gasoline crack up 0.1$/bbl at 15.61$/bbl