September 07, 2023 15:28 GMT
End of Day Oil Products Summary: Gasoline Draw Above Expectations
Diesel cracks are slightly softer after a stock build, but gasoline cracks are edging higher after an expected draw.
- US gasoline crack up 0.6$/bbl at 23.42$/bbl
- US ULSD crack down -0.8$/bbl at 45.8$/bbl
- Gasoline stocks drew and distillates showed a small build as largely expected, with a small drop in refinery utilisation contributing to lower gasoline production.
- EIA Weekly US Petroleum Summary - w/w change week ending Sep 01: Gasoline stocks -2,666 vs Exp -902, Distillate stocks +679 vs Exp +208
- European ARA Gasoil inventories gain on the week but remain below the five year average while gasoline stocks also gain according to the latest weekly Insights Global data: Gasoil: +64k mt to 1,921k mt, Gasoline: +84k mt to 1,428k mt, Fuel Oil: -24k at 1,048k mt, Jet Fuel: +9k mt to 658k mt, Naphtha: -44k mt to 232k mt
- TotalEnergies plans to restart the coker at its 238kbpd Port Arthur, Texas, refinery on Thursday.
- Spain’s Bilbao refinery is halting its G3 diesel desulphurisation unit for planned maintenance, according to a statement from Petronor.
- DIESEL - Europe’s diesel imports fell 30% m-o-m in August to the lowest since March 2023 at 0.84mbpd according to BNEF based on Vortexa data, driven by a sharp decline in arrivals from India.
- Russia's offline primary oil refining capacity is expected to rise in September by 44% from August to 4.635 million metric tons, industry sources said and Reuters calculations showed.
- Global Airline Traffic stood at 95.6% of pre-Covid levels in July, as the post-Covid recovery maintains momentum, according to IATA.