Gasoline and diesel crack spreads trade higher and Gasoil time spreads rally due to refinery outages ahead of the updated EIA weekly oil inventory data.

• TotalEnergies Gonfreville 247kb/d oil refinery in Normandy is shutting down unspecified units from Wednesday afternoon according to Bloomberg. US and European diesel spreads have been trending higher so far this month due to Shell’s Pernis CDU outage, strong demand from India and a dip in Russian diesel exports despite ongoing concern for demand.
• The prompt Gasoil time spread has risen from around +1$/mt at the start of June up to the highest since early April at 10$/mt today. Dec23-Dec24 is also at the highest since April.
• The EIA weekly petroleum inventory data due out at 10:30 ET (15:30 BST) is expected to show refinery runs still high leading to a draw in crude but builds for distillates and gasoline according to a Bloomberg survey.
• Gasoline imports to the US East Coast have risen to a three year high this month according to Kpler. Imports are up to 800kbpd so far this month with higher imports from Europe, Canada, Saudi Arabia and India.
  • US gasoline crack up 0.8$/bbl at 38.1$/bbl
  • US ULSD crack up 0.4$/bbl at 31.62$/bbl
  • EU Gasoline-Brent up 0.5$/bbl at 21.42$/bbl
  • EU Gasoil-Brent up 0.2$/bbl at 18.65$/bbl
  • Gasoil JUL 23-AUG 23 up 2.25$/mt at 9.75$/mt
  • Gasoil DEC 23-DEC 24 up 2$/mt at 22.25$/mt

Source: Bloomberg