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Mid-day Oil Products Summary

OIL PRODUCTS

Diesel markets extend the trend higher which has held since the start of July amid low inventories and refinery outages ahead of the winter heating season.

  • Gasoil SEP 23 up 1.8% at 933.5$/mt
  • US ULSD crack up 1$/bbl at 53.17$/bbl
  • US gasoline crack down -0.2$/bbl at 28.73$/bbl
  • China diesel exports are expected at ~1mn tons in September according to OilChem, up from 610,000 tons in August.
  • Diesel inventories in China increased by 1.6% w/w to 17.03m tons in the week to 24 Aug according to OilChem data. Inventories are now the highest level since July 2022.
  • Russia’s exports of refined products are set for a 15-month low, amid strong domestic road fuel demand and some products pricing above the G7 cap
  • Valero’s 135,000 bpd Wilmington refinery is expected to restart its sole FCC by today according to Bloomberg reports.
  • REFINING - The TotalEnergies Port Arthur 238kb/d refinery shuts most units due to a turnaround combined with unplanned shutdowns and flarings.

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