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US gasoline rally continues

CRACK SPREAD

US refining margins and cracks spreads continues to rally

  • US refining is struggling to keep up with the post pandemic demand increases after years of underinvestment in refining and closures in recent years. Low imports and high exports combine to take supply from the US especially to Europe where they are looking for supplies away from Russia.
  • After surging to highs earlier this month diesel spreads have pulled back from 73.5 to 52.45$/bbl but gasoline spreads have continued to rally. Gasoline has once again reached fresh highs today with the US crack at 56.97$/bbl.
  • The US 321 crack spread is still trading at 55.55$/bbl, near the highs set on Friday last week.
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