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CANADA GIVING UKRAINE CAD650 MILLION OVER 3 YEARS

FED'S DALY SAYS PATIENCE IS A PRUDENT STRATEGY RIGHT NOW

MNI BRIEF: ECB “Can’t Rule Out Cuts” On Latest Info - De Cos

EZ/UK T-Bill Calendar: Germany And France To Issue On Monday

MNI: US SEP FLASH S&P MANUF PMI 48.9 (FCST 48.2); AUG 47.9

MNI: CANADIAN JUL RETAIL SALES +0.3%; SALES EX-AUTOS/PARTS +1.0%

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

End of Day Oil Products Summary: Gasoline Draw Above Expectations

OIL PRODUCTS
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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.
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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.