Mid-Day Oil Products Summary: Cracks Boosted by July 4th Holiday

Diesel and gasoline cracks are continuing to climb, driven by ongoing expectations of improving US demand ahead of the July 4 holiday period. The TSA and AAA are forecasting record levels of travel.

• US ULSD crack up 0.8$/bbl at 27.14$/bbl
• US gasoline crack up 0.8$/bbl at 25.46$/bbl
• US 321 crack up 0.8$/bbl at 26.02$/bbl
• ULSD AUG 24 up 1.3% at 2.65$/gal
• RBOB AUG 24 up 1.2% at 2.61$/gal
• Exxon Mobil said its Gravenchon oil refinery in northern France is operating normally, despite a blockade by protesters in recent days, according to Bloomberg.
• Japan’s Eneos Corp shut its 175,000 bpd CDU at its Kashima refinery on June 29 due to a system glitch the refiner said Tuesday.
• Japan’s Taiyo Oil Co has shut two CDUs late last month at its 138,000 bpd Shikoku refinery in western Japan for scheduled maintenance the company said Tuesday.
• A fire broke out at Idemitsu Kosan's Chiba refinery in Japan early on Tuesday according to the company without giving any further details.
• Japan’s largest refiner ENEOS has bought at least one rare prompt MR-sized jet fuel cargo for July loading, trade sources told Platts, likely an attempt to address Japan’s aviation fuel shortages.