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Refining data dampens gasoil, vegoil

Strong refining data softened sentiment in both US motor fuel and vegoil markets on Wednesday, with the reference BOGO spread edging back up into the $180s/t this morning. Gasoil prices underperformed a bullish US crude oil complex on Wednesday. EIA data backed up strong API data from the previous session showing a big draw in crude stocks as refiners rush to take advantage of strong cracks. US soybean crushers also turned in a strong June performance, with YoY crushing up 19% and bean oil stocks down marginally rather than registering any increase. A strong meal performance has kept the US soybean crush spread rising into the first half of July after spreads dropped off in late June, indicating an incentive for US crushers to keep running at full tilt. Asian markets meanwhile are gearing up for Eid festivities, with first half July export Malaysia export data showing a 15% MoM drop in shipments.

 

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