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US Gasoline Imports from Europe Rebound From Low

OIL PRODUCTS

Gasoline cracks are holding relatively steady today at 34.6$/bbl and around the start of month levels despite the bearish moves in crude markets. The US crack has traded in the 33.25$/bbl to 37.2$/bbl range so far this month.

  • Shipments of gasoline from Europe to the US recovered in the week to 9 March. Volumes increased to 155kbpd from the lowest since Oct 2020 last week of 58kbpd according to bills of lading and ship tracking data from Bloomberg.
  • Prices have been supported by a gradual rebound in US demand this year although EIA did show a dip in the weekly implied demand data last week. The switch to summer grade gasoline, low gasoline inventory levels in US and the refinery maintenance season have all added to the price support.
    • US 321 crack down -0.3$/bbl at 36.9$/bbl
    • US gasoline crack down -0.3$/bbl at 34.56$/bbl
    • US ULSD crack down -0.5$/bbl at 41.57$/bbl
    • EU Gasoline-Brent up 0.2$/bbl at 17.47$/bbl
    • EU Gasoil-Brent up 0.2$/bbl at 24.75$/bbl

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