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.

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May 24, 2021

Prices up on the spot, down on the far curve

European spot gas prices rebounded on Friday, supported by higher residential demand and weak pipeline supply. Indeed, Norwegian flows weakened again, averaging 263 mm cm/day,…
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