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OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Climb on Tariff Concerns

OIL PRODUCTS
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US gasoline cracks are up nearly 12% on the day and 18% this week. Meanwhile, the US diesel crack is trading up 6% today and 10% on the week. Product cracks are finding support amid concerns that new US tariffs on oil imports could drive up feedstock prices for refiners and lead to higher retail prices.

  • US tariffs set to start on products from Canada and Mexico Feb. 4 are likely to boost gasoline prices, Platts said.
  • US PADD 3 coking refiners are set to get hit fairly hard from more expensive WCS and Maya crudes, Platts said.
  • PBF Energy said on Sunday its 156,400 bpd Martinez California refinery was shut after a fire on Saturday.
  • Mexico said it would retaliate against the US tariffs on imports of its goods, which hypothetically could include oil product imports from the US. This would be bullish for European gasoline prices as it would be the most likely source of the backfill for the drop in USGC gasoline flows.
  • Ukraine targeted further Russian energy infrastructure with drones overnight according to officials on both sides as strikes have ramped up recently.
  • Russian oil product exports from the Black Sea port of Tuapse are set to rise to 799,000 metric tons in February
  • The tariffs on Canadian and Mexican crudes into the US is likely to shift US refiners to running lighter-sweet slates and sparing coking, Platts said.
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US gasoline cracks are up nearly 12% on the day and 18% this week. Meanwhile, the US diesel crack is trading up 6% today and 10% on the week. Product cracks are finding support amid concerns that new US tariffs on oil imports could drive up feedstock prices for refiners and lead to higher retail prices.

  • US tariffs set to start on products from Canada and Mexico Feb. 4 are likely to boost gasoline prices, Platts said.
  • US PADD 3 coking refiners are set to get hit fairly hard from more expensive WCS and Maya crudes, Platts said.
  • PBF Energy said on Sunday its 156,400 bpd Martinez California refinery was shut after a fire on Saturday.
  • Mexico said it would retaliate against the US tariffs on imports of its goods, which hypothetically could include oil product imports from the US. This would be bullish for European gasoline prices as it would be the most likely source of the backfill for the drop in USGC gasoline flows.
  • Ukraine targeted further Russian energy infrastructure with drones overnight according to officials on both sides as strikes have ramped up recently.
  • Russian oil product exports from the Black Sea port of Tuapse are set to rise to 799,000 metric tons in February
  • The tariffs on Canadian and Mexican crudes into the US is likely to shift US refiners to running lighter-sweet slates and sparing coking, Platts said.