Refined product crack spreads are holding steady as a short term supply boost and demand concerns drive crude prices lower.

• European refiners have been building stocks ahead of the sanctions on Russian seaborne crude next month with the latest ship tracking data showing a recent boost to Russian output.
• WTI also driven by healthy local US supplies due to high freight rates limiting exports and recent Texas pipeline issues.
• Refiners are not managing to replenish low global distillate stocks due to limited refining capacity and recent robust demand. Data this week showed US distillate stocks over 15% below the five year average, EU ARA Gasoil stocks nearly 24% below and Singapore Middle Distillates 40% below.
  • Brent JAN 23 down -2.6% at 87.45$/bbl
  • WTI DEC 22 down -2.6% at 79.55$/bbl
  • US 321 crack up 0$/bbl at 36.3$/bbl
  • US gasoline crack down -0.8$/bbl at 20.7$/bbl
  • US ULSD crack up 0.7$/bbl at 66.82$/bbl
  • EU Gasoline-Brent down -1.1$/bbl at 2.45$/bbl
  • EU Gasoil-Brent up 0.1$/bbl at 37.56$/bbl