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Diesel crack spreads over crude reached a three-year high after EIA weekly data showed a surprise gasoline build and a larger-than-expected diesel draw. Crude fell toward $61 after U.S. crude output hit a record 11.6 million barrels per day and Cushing stocks rose 2.4 million barrels.
Record U.S. crude output and a crude stock build weigh on WTI, while tight distillate supply lifts diesel relative to crude. That divergence raises fuel costs for trucking and farm operations even as crude falls.
mansfield.energyAlan ApthorpNov 8, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
On Nov 8 crude fell toward $61 on record 11.6 million bpd US output and a Cushing build, which cut ULSD futures' input cost, though a diesel draw and wider cracks partly offset this.
