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Mid-Day Oil Products Summary: Cracks Down on Week

OIL PRODUCTS

Gasoline and diesel cracks are on track for losses week on week. Diesel cracks are losing ground today while gasoline cracks are flat. Softer summer demand and robust global stocks are adding pressure.

  • US ULSD crack down 0.4$/bbl at 24.4$/bbl
  • US gasoline crack up 0$/bbl at 24.42$/bbl
  • Motiva’s Port Arthur refinery in Texas is aiming to restart its FCC by Tuesday according to Reuters sources.
  • ExxonMobil’s Joliet refinery in Illinois started heating its unit this week indicating a restart according to IIR.
  • Valero’s 195,000 bpd McKee refinery in Texas reported planned shutdowns for maintenance at Complex 1 & 3 at the facility according to a regulatory filing.
  • China’s major new refinery, Yulong, has recently bought three Russian September delivery cargoes for its upcoming start according to Reuters sources.
  • China’s independent refiners cut run rates to 48.38% of capacity in the week to August 2 according to OilChem - near the lowest since March 2020.
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