Research Highlights - Week 48
Gasoline stocks registered a strong w-o-w build, amounting to roughly 2 million barrels (see Americas Weekly – Issue 47)
- Stocks continued to hover above the upper fringes of the 5-year range in the week ending 20 November.
- With gasoline yields falling back within the 5-year range in the week ending 20 November amid weaker mogas/diesel spreads, we are already seeing some signs of an abatement in gasoline production.
- The mogas/diesel tonne spreads has not yet narrowed to the point of inverting in diesel’s favour, but we may see further cuts to US gasoline yields and low crude intake slowing the seasonal stockbuild over the coming weeks.