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US Refiners Boosting Gasoline Supply

OIL PRODUCTS

US refiners are gearing up to boost gasoline supply after returning from the heavier than usual maintenance season according to Vortexa. US has increased seaborne crude imports by approximately 300kb/d so far in March.

  • Most of the increased imports are crude grades with higher gasoline yields such as grades from Latin American and the Middle East.
  • Imports of Canadian heavy crudes which typically yield less gasoline have been cut with Canadian producer turnarounds also limiting supply.
  • US gasoline yields were up at 65% and the highest since Nov 2021 earlier this month according to EIA data.
  • US gasoline margins are holding steady today after seeing a rally from a low of around 22$/bbl on 17 Feb up to 38$/bbl today.
    • US 321 crack up 0.4$/bbl at 38.47$/bbl
    • US gasoline crack up 0.4$/bbl at 38.26$/bbl
    • US ULSD crack up 0.5$/bbl at 38.9$/bbl
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