End of Day Oil Products Summary: Diesel Extends Gains

Diesel markets are extending gains amid tight supply concerns with low global stocks. The front month US diesel cracks spread is now trading at its highest since late August and up from a low of 44.65$/bbl early last week to 55.08$/bbl.

• GASOLINE - Gasoline crack spreads are trading higher today although with moves more muted than for diesel markets.
• Gasoil SEP 23 up 3% at 1018.25$/mt
• US ULSD crack up 4.2$/bbl at 55.08$/bbl
• US gasoline crack up 1$/bbl at 25.18$/bbl
• The European refinery maintenance schedule this autumn will be lower than in previous years to reach an offline capacity during 4Q of around 800kbpd,
• The 140kbpd gasoline-producing FFC-unit at Marathon Petroleum's 593kbpd Galveston Bay Refinery in Texas City, Texas, remained shut following a fire on Thursday and is expected to be shut until late this week, people familiar with plant operations said.
• The Sep-Oct refinery maintenance season could limit the ability to build stores ahead of the winter.
• Russia’s oil refineries scaled back operations in early September for seasonal maintenance with primary crude processing averaging 5.52mbpd on 1-6 Sept and down by 32kbpd from the 1-30 August average according to Bloomberg.
• Opaque transfers of Russian oil at sea more than tripled in Q2 2023, according to Platts. In Q2, 47m bbl if Russian crude and oil products were transferred via ship-to-ship by vessels turning off their location transponders. This is up from 15m bbl on Q1.
• Global airline capacity is 111.7m in the week commencing Sep. 11, according to OAG data, down 0.3% on the week.