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OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Diverge On Day    

OIL PRODUCTS
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US diesel cracks have continued to lose ground today, with EIA data showing an unexpected build in distillates and a large drop in implied demand. Gasoline cracks are rising following an unexpected decline in stocks in yesterday’s data. 

  • US ULSD crack down 0.4$/bbl at 31.07$/bbl
  • US gasoline crack up 0.4$/bbl at 16.46$/bbl
  • US 321 crack up 0.1$/bbl at 21.33$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 07: Gasoline stocks -3,035 vs Exp +545, Implied mogas demand +248, Distillate stocks +135 vs Exp -1,478, Implied dist demand -914
  • The PBF Energy 156k b/d Martinez refinery near San Francisco may need 45 days or more to assess the damage from a fire on Feb. 1, according to Bloomberg sources.
  • Singapore's onshore fuel oil stockpiles rose for the second week, hitting a three-week high above 20 million barrels according to Enterprise data.
  • China’s refined oil exports stood at 2.46m mt in January, down 17.45% on the same period in 2024, according to OilChem citing shipping fixtures.
  • The Dangote refinery’s utilisation rate should reach 65% by Q4, with Euro VI-grade gasoline production commencing in Q2, Kpler said.
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
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US diesel cracks have continued to lose ground today, with EIA data showing an unexpected build in distillates and a large drop in implied demand. Gasoline cracks are rising following an unexpected decline in stocks in yesterday’s data. 

  • US ULSD crack down 0.4$/bbl at 31.07$/bbl
  • US gasoline crack up 0.4$/bbl at 16.46$/bbl
  • US 321 crack up 0.1$/bbl at 21.33$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 07: Gasoline stocks -3,035 vs Exp +545, Implied mogas demand +248, Distillate stocks +135 vs Exp -1,478, Implied dist demand -914
  • The PBF Energy 156k b/d Martinez refinery near San Francisco may need 45 days or more to assess the damage from a fire on Feb. 1, according to Bloomberg sources.
  • Singapore's onshore fuel oil stockpiles rose for the second week, hitting a three-week high above 20 million barrels according to Enterprise data.
  • China’s refined oil exports stood at 2.46m mt in January, down 17.45% on the same period in 2024, according to OilChem citing shipping fixtures.
  • The Dangote refinery’s utilisation rate should reach 65% by Q4, with Euro VI-grade gasoline production commencing in Q2, Kpler said.
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.