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US Gasoline Margins Steady As Imports to NY Boost Low Supplies

OIL PRODUCTS

The US gasoline margin is holding steady today after recovering slightly yesterday. Margins had fallen from a high of around 38.8$/bbl on 11 April to a low of 29.5$/bbl yesterday due to oil market demand concerns and increasing refinery runs in US, Europe and Asia.

  • Gasoline and blending component imports into New York are set to reach as much as 259k b/d by the end of April according to Kpler data and Bloomberg.
  • The imports are more than three times the March volume and the highest since June with cargoes arriving from Europe after the end of the French strikes, the Middle East, Asia and Canada.
  • Rising imports should help to build the low fuel inventories ahead of the expected demand boost from the US summer driving season. Gasoline stocks in PADD 1B Central Atlantic were last week just over 20% below the five year average according to EIA data.
    • US 321 crack up 0.3$/bbl at 29.92$/bbl
    • US gasoline crack up 0.2$/bbl at 31.11$/bbl
    • US ULSD crack up 0.5$/bbl at 27.55$/bbl
    • EU Gasoline-Brent up 0.2$/bbl at 17.11$/bbl
    • EU Gasoil-Brent up 0.4$/bbl at 16.19$/bbl

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