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Data from the U.S. Energy Information Administration (“EIA”) indicates that U.S. gasoline inventories have unexpectedly dropped to their lowest levels in two years, driven by robust demand and tighter fuel supplies. EIA reports reflect a 6% increase in gasoline demand during the week ending Nov. 8, justifying the strong fuel demand and supporting higher refining margins. With crack spreads anticipated to remain favorable, Phillips 66 PSX, Marathon Petroleum Corporation MPC and Exxon Mobil Corporation XOM are positioned to benefit significantly.
The November 2024 short-term Energy outlook from the EIA forecasts a moderate increase in crack spreads, signaling higher refining margins for products like gasoline and diesel.
SG Mogas 92 unleaded Crack Spread boost up 66% within two months (from 4.5 to 7.5).
But sadly Petronm share price has not reflecting, even Heng Yuan already shoot up! Petronm must be done very badly in coming quarter.
