Refiners in the Americas are chasing strong diesel cracks and in so doing could create an overhang of gasoline that will persist well into next year. By almost every measure, a refiner is better off maximizing diesel output at the moment (OMI Sep.17'18). To see diesel and heating oil rise to new strength this time of year is par for the course with winter weather ahead, but the scale of that strength is not typical. Diesel cracks against an incremental barrel of medium, sour crude on the US Gulf Coast averaged $18.76 in September and have risen to over $19 first half of October.
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