End of Day Oil Products Summary: Cracks retreat

US cracks have fallen back this week after surging Friday on Garyville fire news. Marathon informed the markets that the refinery was operating at reduced rates Monday but Marathon is preparing to restart units at the 596kbpd refinery.

• US gasoline crack down -0.4$/bbl at 27.1$/bbl
• US ULSD crack down -0.5$/bbl at 52.01$/bbl
• Kuwait’s Al Zour refinery has issued a fuel oil sales tender - the first time in more than two months. The tender is offering LSFO with a maximum sulphur content of 0.5% for September-loading.
• China is planning to increase refined oil products exports to 3.53mn tons next months, up by 9.3% from the planned August levels.
• Mexico is set to pull in ~231k tons of gasoline from China in August, the highest monthly volume in data going back to 2017 according to Kpler.
• Global Airline Capacity is set to decline by 1.3m seats to 114.5m in the week commencing Aug. 28, according to OAG.
• Chinese gasoline demand peak is drawing closer according to Sinopec comments earlier this month and BloombergNEF analysis.
• ENI and Repsol plan to expand their deal with Venezuela, supplying oil products to the state-run PDVSA and boosting oil deliveries to Europe, according to Reuters.
• China's minister of culture and tourism said on Tuesday Beijing hopes the United States will further increase direct flights with China and facilitate visa applications for Chinese nationals.