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US Gasoline Cracks Ease Back After Rally Yesterday

OIL PRODUCTS

US gasoline cracks are easing back slightly after the rally late yesterday with support from line repairs on the Phillips 66 Bayway refinery 145kbpd FCC.

  • The Bayway FCC is the largest in the US and repairs may take several days at least according to Bloomberg.
  • Low gasoline inventories in US have assisted the support of the crack spreads this week with the latest EIA data showing stocks still 7.7% below normal despite an increase in data yesterday.
  • EIA data for the week to 2 June showed four week average implied demand for gasoline remained steady at the start of the US driving season to hold higher than last year but below 2019 levels.
    • US 321 crack down -0.2$/bbl at 35.02$/bbl
    • US gasoline crack down -0.2$/bbl at 38.34$/bbl
    • US ULSD crack down -0.1$/bbl at 28.37$/bbl
    • EU Gasoline-Brent up 0.2$/bbl at 21.57$/bbl
    • EU Gasoil-Brent up 0.1$/bbl at 16.66$/bbl
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