Negative export margins to the US depressed gasoline prices in Europe, while most other products netted sizeable gains. Exports to Asia-Pacific lifted fuel oil values, while demand for diesel rose. Gasoline prices fell by $22/t, despite $5/bl gains on bench- mark North Sea Dated crude. Crack spreads fell by nearly $8/bl as European demand remains unseasonably weak, and supply is rising as refineries return from turnarounds (see graph). The lack of a viable arbitrage to move surplus gaso- line to the US is also weighing on the European market.
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