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CRACK SPREAD
US gasoline cracks pull back after reaching fresh highs yesterday
- The gasoline-WTI crack spread traded as high as 58.23$/bbl yesterday before falling back slightly to 54.25$/bbl this morning. Global supply of oil products is tight with lower output from Russia and due to a lack of investment in refining in recent years. The US market is especially tight with finished gasoline exports above 5-year average levels. Despite already low stock levels further inventory draws are expected in the weekly EIA data tomorrow which will likely keep prices strong.
- Diesel cracks continue to drop from record highs seen earlier this month with the US crack down 2% to 48.6$/bbl. The 321 crack spread has therefore also come back off its highs from a couple of days ago and is currently at 52.45$/bbl.
Source: Bloomberg
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.
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