现货利润与远期曲线周度上涨；利用率仍高于五年季节性区间

Global | Refining & Marketing Spot Margins & Fwd Curves Up WoW; UtilizationStill Above 5yr Seasonal Range Spot refining margins were mostly up week on week. Forward curves werealso up week on week and up y/y. See Ex 1. •Jefferies Global Composite 4-Wk Moving Average margin was up 4% w/w.•USGC Cushing 321 margin was up 6% w/w.•WC ANS 321 margin was up 45% w/w.•Mid-Con 321 margin was up 8% w/w.•NWE Dated Brent GC 321 margin was up 6% w/w.•Asia Minas 321 margin was down 1% w/w. PLEASE ACCESS THE FULL REPORT VIA THE LINK BELOW FOR DETAILEDSLIDES AND GRAPHICS We use our proprietary JEF data on US gas stations foot traffic (Ex 8-9); the data shows a ~1.8%y/y decrease and a ~0.7% rolling-3-month y/y decline for the month of April. Lloyd Byrne * | Equity Analyst +1 (212) 323-7528 | lloyd.byrne@jefferies.com Emma Schwartz * | Equity Analyst1 (212) 336-7254 | emma.schwartz@jefferies.com Sam Burwell, CFA * | Equity Analyst+1 (212) 284-2114 | sburwell@jefferies.com John Edelman * | Equity Analyst+1 (212) 336-7412 | jedelman@jefferies.com Rahul Kakkar * | Equity Analyst+1 (713) 308-4508 | rkakkar@jefferies.com Spencer Duryee, CFA * | Equity Associate+1 (212) 444-4143 | sduryee@jefferies.com EQUITY RESEARCH |Energy Lloyd ByrneEquity Analystlloyd.byrne@jefferies.com Weekly Refining MarginsData Sam Burwell, CFAEquity Analystsburwell@jefferies.com John EdelmanEquity Analystjedelman@jefferies.com Emma SchwartzEquity Analystemma.schwartz@jefferies.com Rahul KakkarEquity Analystrkakkar@jefferies.com Spencer Duryee, CFAEquity Associatesduryee@jefferies.com Crack Spreads Summary Crack Spread Summary Composite Crack Spreads MPC Indicators PSX Indicators VLO Indicators Forward Curves Forward Curves (Continued) United States Refinery Utilization US Refinery Utilization US PADD I Refinery Utilization US PADD II Refinery Utilization US PADD III Refinery Utilization US PADD IV Refinery Utilization US PADD V Refinery Utilization China Refinery Utilization China State Owned Refinery Utilization China Teapot Refinery Utilization ChinaSupertankerCrude Imports Crack Spreads US Gulf Coast WTI Cushing Crude Oil 321 Crack Spread West Coast ANS 321 Crack Spread Gulf Coast WTS 321 Crack Spread Gulf Coast Midland 321 Crack Spread Mid-Con 321 Crack Spread Gulf Coast WCS 321 Crack Spread Gulf Coast Brent 321 Crack Spread WTI RBOB Gasoline Crack Spread Gulf Coast WTI Gasoline Crack Spread Gulf Coast WTI Diesel Crack Spread Gulf Coast Brent Diesel Crack Spread NW Europe Brent Gulf Coast 321 Crack Spread Asia Tapis 321 Crack Spread Asia Minas 321 Crack Spread Tokyo Commodities Exchange 321 Front Month Crack Spread Demand Demand Summary Crude Oil & Total Products Demand Tables Crude Oil & Total Products Demand Distillates & Jet Fuel Demand Tables Distillates & Jet Fuel Demand Gasoline & Propane / Propylene Demand TablesUS Gasoline Averages (bbl/day)Kerosene Jet Fuel Averages (bbl/day)Propane/Propylene Averages (bbl/day) Gasoline & Propane / Propylene Demand Fuel Oil Demand ISO-Octane Margin Analyst Certification: I, Lloyd Byrne, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Emma Schwartz, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Sam Burwell, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, John Edelman, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Rahul Kakkar, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Spencer Duryee, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject securit