Diesel crack spreads are falling today but gasoline is holding on to recent gains.

• The market continues to weigh the potential for tighter supplies following the EU ban on Russian products next month against the current weak demand data.
• The loss of naphtha and vacuum oil from Russia following the EU ban could impact on gasoline supplies especially in Europe. Russia are very big suppliers of naphtha for EU and US Gulf refiners for gasoline blending and Russia is still EU’s biggest diesel supplier ahead of Feb 5 ban.
• Although strong export quotas from China may bring more product onto the global market a recovery and higher demand in China could limit products available for export.
  • US 321 crack down -0.6$/bbl at 36.47$/bbl
  • US gasoline crack down -0.1$/bbl at 26.43$/bbl
  • US ULSD crack down -1.6$/bbl at 56.83$/bbl
  • EU Gasoline-Brent down -0.2$/bbl at 13.44$/bbl
  • EU Gasoil-Brent down -0.8$/bbl at 36.56$/bbl