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G7 oil stocks plan pressures diesel refinery margins

The ICE gasoil crack fell to about $70 per barrel, down from as high as $85 earlier last week, as reported refinery-margin pressure builds over coming months.

Reported · Written up by our desk · Energy

A G7 announcement to release 100 million barrels of crude oil and diesel has weighed on middle distillate refinery margins that had reached record highs last month, according to OilPrice.

As stock releases begin over the next four months, the ICE gasoil crack has dropped to about $70 per barrel from as high as $85 in the middle of last week, the outlet said.

OilPrice also linked part of the pressure to a reduced risk of a U.S. ban on diesel exports.

The article described WTI at 90.54, down 0.57 cents or 0.63%, and Brent at 102.3, roughly flat on the day, alongside the move in heating oil and gasoline prices.

Latest closeWTI crude $91.26 ▼1.7%|Brent $102.70 ▲0.4%|Gasoline (RBOB) $3.312 ▼2.7%

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