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US Gasoline Markets Edge Lower on the Week

OIL PRODUCTS

US gasoline prices have eased back in recent days to the lowest in two weeks with limited disruption despite extreme heat on the US Gulf Coast and a West Coast hurricane. Front month US RBOB is down from a peak of 298.4c/gal on 11 Aug to 277.5c/gal with cracks spreads also following the move lower.

  • The five refineries in Los Angeles with a combined crude-oil refining capacity of 1.1m b/d came through Hurricane Hilary unscathed. Although PBF Energy reported a malfunction at its 180k b/d plant on Monday morning, traders said this was not directly related to Hurricane damage.
  • Valero Three Rivers refinery was yesterday preparing to restart its sole 25kb/d FCC after an unplanned shutdown on Sunday due to high temperatures. The refinery is running the unit hard to meet summer gasoline demand according to Bloomberg sources.
  • TotalEnergies has been forced to halt one of two key FCC units at its 338kb/d Antwerp refinery about a week ago following a fault.
  • European gasoline arrivals in the US slipped by 11% w/w to 344kb/d in the week to 17 Aug, according to bills of lading and ship-tracking data compiled by Bloomberg.
    • RBOB SEP 23 up 0.1% at 2.77$/gal
    • EU Gasoline-Brent down -1.1$/bbl at 24.01$/bbl
    • US gasoline crack up 0$/bbl at 36$/bbl

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