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US Refining Margins Hold Steady Ahead of EIA Stock Data

OIL PRODUCTS

Diesel margins are holding just above the previous close and gasoline just below ahead of the updated US oil inventory data from EIA.

  • Diesel and gasoline margins have drifted lower since 10 April with demand concerns weighing on spreads and assisted by the return of US refineries from maintenance and the end of strikes which halted French refineries. The decline in diesel is part of a longer trend down from a peak in January.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30GMT. US inventories of crude, gasoline and distillates are expected to show small draws this week with a recovery in refinery utilisation also expected according to a Bloomberg survey.
    • US 321 crack down -0.1$/bbl at 32.19$/bbl
    • US gasoline crack down -0.3$/bbl at 34.04$/bbl
    • US ULSD crack up 0.3$/bbl at 28.49$/bbl
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