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Mid-Day Oil Products Summary: Cracks Climb

OIL PRODUCTS

US gasoline and diesel cracks are stronger today, as products prices hold up better than plummeting crude prices.

  • US ULSD crack up 0.5$/bbl at 22.56$/bbl
  • US gasoline crack up 0.3$/bbl at 24.17$/bbl
  • US 321 crack up 0.4$/bbl at 23.64$/bbl
  • ULSD JUL 24 down 1% at 2.27$/gal
  • Oil processing at Mexico’s Pemex domestic refineries were curtailed in April to 58.4% after fires at two facilities, according to Bloomberg based on company data.
  • Crude storage capacity utilization rates at independent refineries in China’s Shandong Province averaged 43.9% in the week to May 29, up just 0.08% on the week and down 3.88% on the year, according to OilChem.
  • China’s refined oil exports stood at 2.85m mt in May according to shipping schedules cited by OilChem, up just 0.01m mt on the month.

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