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US Gasoline Imports from EU Increase; Cracks Trending Lower

OIL PRODUCTS

US gasoline imports from Europe in the week ending Dec 1 rose from the previous week according to bills of lading and ship-tracking data from Bloomberg.

  • European gasoline arrivals in the US increased week on week to 245kbpd compared with 116kbpd in the previous week.
  • Total motor gasoline stocks in the US have built recently up to just 3.1% below normal but stocks in PADD1 are still over 16% below normal.
  • Both diesel and gasoline cracks have been trending lower over the last week due to weak demand and concern for an economic slowdown. EIA data last week showed US implied demand for both products at the bottom of the five year range.
    • US 321 crack down 0$/bbl at 26.77$/bbl
    • US gasoline crack up 0.3$/bbl at 15.83$/bbl
    • US ULSD crack up 0.2$/bbl at 49.03$/bbl
    • EU Gasoline-Brent up 0.3$/bbl at 0.73$/bbl
    • EU Gasoil-Brent down -0.2$/bbl at 31.75$/bbl

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