 |
Louisiana Light • 4 days | 76.65 | -1.96 | -2.49% | ||
|
Bonny Light • 1 day | 78.61 | -2.67 | -3.28% | ||
|
Opec Basket • 4 days | 82.59 | -2.41 | -2.84% | ||
|
Mars US • 31 days | 79.71 | -2.05 | -2.51% | ||
|
Gasoline • 12 mins | 2.139 | +0.004 | +0.21% |
|
Bonny Light • 1 day | 78.61 | -2.67 | -3.28% | ||
|
Girassol • 1 day | 79.12 | -2.80 | -3.42% | ||
|
Opec Basket • 4 days | 82.59 | -2.41 | -2.84% |
|
Peace Sour • 45 mins | 56.79 | -1.03 | -1.78% | ||
|
Light Sour Blend • 45 mins | 60.64 | -1.03 | -1.67% | ||
|
Syncrude Sweet Premium • 45 mins | 65.24 | -1.03 | -1.55% | ||
|
Central Alberta • 45 mins | 58.79 | -1.03 | -1.72% |
|
Eagle Ford • 4 days | 70.55 | -1.89 | -2.61% | ||
|
Oklahoma Sweet • 4 days | 70.25 | -1.75 | -2.43% | ||
|
Kansas Common • 8 days | 65.00 | -0.75 | -1.14% | ||
|
Buena Vista • 6 days | 83.98 | +1.45 | +1.76% |
Breaking News:
Digesting the OPEC+ Production Cuts
As concerns about global oil…
How China And The U.S. Were Both Key To OPEC+’s Bearish Oil Supply Cuts
The OPEC+ decision to roll…
Refining Margins Reach Multi-Year High
Refining margins, the Nymex gasoline crack spread, traded above $16 per barrel on Thursday—the highest it's been since 2017, Bloomberg said on Thursday.
The crack spread is the difference between the price of crude oil and the price of refined products, which include gasoline, distillates, diesel, and jet fuel.
Even as the price of crude oil continues to rise—raising the input costs for refiners—refined products prices have risen more, increasing the spread and beefing up the bottom line for refiners.
Refiners had a difficult year last year when crack spreads were atypically narrow. But now, high gasoline prices and low inventories are causing things to look up for refiners, supported in part by refinery maintenance and a handful of refinery outages.
But the demand for refined products—gasoline in particular—has exceeded pre-pandemic levels in some places, including in Italy, Bloomberg said on Thursday. In the United States—the world's largest fuel consumer--gasoline and distillate consumption has now rebounded into the five-year average range, Reuters reported last week.
U.S. refined product demand is now higher than it was this time in 2019, although jet fuel demand continues to lag.
According to Bloomberg, the rising spread indicates strong oil demand as refiners process more fuel as coal and natural gas run in short supply in Europe and Asia.
President Joe Biden warned last week that high gasoline prices will persist into next year, when he blamed those high prices on OPEC's production curbing policies.
If the White House is correct, refiners may enjoy higher crack spreads until that time.
Refiners are expected to boast higher earnings for Q3 on these higher crack spreads, according to Reuters.
ADVERTISEMENT
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
- Money Managers Are Throwing Their Weight Behind The Oil Price Rally
- Pipeline Leak Disrupts Libya’s Oil Exports
- Who Will Win The Race For India’s Emerging EV Market?
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
