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End of Day Oil Products Summary: China Export Quotas Out

OIL PRODUCTS

China has issued 15mn tons of oil products export quotas to companies in its third batch for 2023, consisting of 12mn tons of refined products quotas, made up of kerosene, diesel and gasoline exports, and 3mn tons of marine fuel.

  • Diesel crack spreads are heading for a net decline on the week with easing fears for near term refinery disruptions weighed with ongoing low global inventories.
  • US ULSD crack down -1.1$/bbl at 46.16$/bbl
  • Gasoil SEP 23 up 2.3% at 916.5$/mt
  • US gasoline crack up 0$/bbl at 24.07$/bbl
  • Marathon’s 596kbpd Garyville refinery has resumed normal operations and is running at planned rates, a spokesperson told Argusmedia late on Thursday.
  • The nationwide average for US gasoline prices rose on the month in August, according to data from GasBuddy.
  • Gasoline inventories in China fell by -2.7% w/w to the lowest in figures dating back to July 2019 at 12.7m tons in week to 31 Aug according to OilChem.

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