EnergyScan

Gasoline cracks summer-winter are still a buy

ICE Brent prompt month contract reached 64.6 $/b on early Wednesday, ahead of OPEC’s ministerial meeting, as most market observers expect OPEC to roll over the current production agreement, maintaining a tight grip on supply. The API survey showed indeed that OPEC’s return to the market was premature, with builds crude stocks close to 4 mb. However, declining gasoline stocks continued to be a warning sign for the US, as Gasoline demand likely outpaced 9 mb/d, a level for which current refining utilization is too low to supply the market.

us-weekly-stock-change
Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

ES-economy
April 29, 2022

Growth falters

Surprising contraction of the US GDP in Q1 (-1.4% qoq annualised): as expected, inventories contributed negatively to growth, as did public spending, but it was above…
ES-oil
January 7, 2022

Kazakh crude exports at risk

Crude prices soared past 82 $/b yesterday for the March ICE Brent contract, with March/April time spreads rallying strongly to 70 cents, as the political…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet?  Sign up here!

[booked-calendar]