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US gasoline futures over 4$/gal

OIL PRODUCTS

Tight US oil markets and low stocks are driving oil products higher and pushed WTI closer to Brent

  • US front month Jun22 gasoline now trading over 4$/gal having started the year at 2.22$/gal
  • WTI discount to Brent has closed in to -2.4$/bbl from below -4$/bbl only a week ago.
  • Low inventory storage levels in both gasoline and in crude at Cushing are adding to the bullish sentiment. The EIA data tomorrow looks unlikely to change the trend with further oil product draws expected.

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