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Refining: Refiners Maximize Diesel Output, Gasoline Still Softens

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Refiners continue to maximize diesel output as cracks for middle distillates around the world remain sky-high. This focus on diesel, gasoil, kerosene and jet fuel lowers the output of gasoline by a few points, but the lower supply has failed to support gasoline margins. These margins continue to weaken, which in turn also softens up light and sweet crude prices that have a high gasoline yield. The lighter end of the barrel was already under pressure from negative margins for naphtha, which can move to the petrochemical pool or to transportation fuels like gasoline and diesel. Overall refinery margins remained under pressure.

Topics:
Refining, Oil Products, Diesel/Gasoil, Gasoline, Oil Prices
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