End of Day Oil Products Summary: Unexpected Product Stock Draws

Recovery in distillates demand above the five-year average in the EIA weekly petroleum data today has added to the unexpected stocks draw and has supported diesel markets.

• US gasoline crack down -0.1$/bbl at 20.07$/bbl
• US ULSD crack down -2$/bbl at 49.43$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Sep 15
• Gasoline stocks -831 vs Exp +667, Implied mogas demand +103, Distillate stocks -2,867 vs Exp +177, Implied dist demand +588
• Motiva restarted the 81,000 bpd FCC its Port Arthur refinery on Monday night according to Reuters sources.
• A boiler in Plant 3 at the Bilbao oil refinery in Spain is restarting after being offline for just over a month for maintenance, operator Petronor said in a statement.
• Update on Pernis snippet from earlier: There is an attempt to get the Hycon unit back online Wednesday night according to a Bloomberg source.
• China will raise domestic end user gasoline prices by 385 y/t and diesel prices will rise by 370 y/t.
• Imports of fuel oil into China in August declined for the second consecutive month, according to data from the General Administration of Customs Sep. 20.
• Russia is battling domestic crude price increases despite orders from Vladimir Putin to curb them, according to Bloomberg.
• Russia’s Deputy PM Alexander Novak denied claims that there is a fuel shortage in the country, according to TASS.
• Comments from Gazprom NEFTS CEO Alexander Dyukov on high protective duties potentially being applied to Russian oil products. These have been reported in the region of $250/ton.
• Russia’s gasoline production fell 0.6% on the week to Sep. 17, according to Rosstat.
• Exports of refined oil products from Russia are currently at a five-month high as increased shipments of naphtha and fuel oil offset falls in diesel.