US Cash Products-Mogas, diesels flat in thin trade

NEW YORK, April 23 (Reuters) - Gasoline differentials were called flat to softer in markets east of the Rockies as lack of cargoes coming from Europe was keeping prices from tumbling further, while diesel was flat in thin trade, traders said on Thursday.

The normal seasonal spike in gasoline cargoes arriving from Europe is not expected to happen this year, traders said.

Diesel differentials were steady across the board.

"There is a total absence of liquidity." said one Gulf Coast trader, who said there was no interest in distillates in the region while a Midwestern trader characterized markets there as "very quiet and weakish".

Inventory data released on Wednesday showed an increase in distillate stocks as demand continues to lag.

"Few products have shown more rapid demand erosion than middle-distillates, inventories of which look overflowing at 41 days of current deliveries, up from an average 26 days in the last five years for that time of year," said Antoine Halff of Newedge USA.

U.S. crude oil futures pared much of their gains in late morning trading on Thursday as Wall Street retreated on souring economic and corporate outlooks. [O/N]

For a complete list of refinery outages, click [REF/US]

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