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US Product Cracks Furthering losses on the day

OIL PRODUCTS

US diesel and gasoline cracks are falling to new intraday lows. EIA data showing weaker demand for both products expedites the trend present during European hours.

  • US gasoline crack down -2.3$/bbl at 20.64$/bbl
  • US ULSD crack down -3$/bbl at 40.95$/bbl
  • While gasoline stocks drew, four-week implied gasoline demand showed a counter seasonal fall after the gains seen the previous week.
  • Gasoline cacks have fallen back since their recent high of $23.197/b. This was the highest since September.
  • Distillate stocks also drew. However, Weekly demand fell to keep the four-week average below the previous five-year range for the time of year.
  • Diesel cracks have been on a downward trajectory since peaking at $48.154/b Feb, 9. This was the highest level since October.
  • Earlier support came from expected lower supplies amid a heavy upcoming refinery maintenance season.

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