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OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Fall

OIL PRODUCTS
BulletEnergy BulletsCommodities

Cracks are down on the day owing to demand concerns amidst increased trade protectionism. 

  • US ULSD crack down 1.1$/bbl at 26.93$/bbl
  • US gasoline crack down 0.8$/bbl at 23.29$/bbl
  • US 321 crack down 0.9$/bbl at 24.53$/bbl
  • EIA crude storage change surveys for week to Feb. 28 (bbl): Gasoline (bbl): -175k (bbg),-500k (WSJ), -400k (Reuters). Distillates (bbl): +1.1m (bbg), +500k (WSJ), +200k (Reuters). Ref Runs (percentage points): +0.38 (bbg), +0.4 (WSJ), +0.2 (Reuters)
  • A fire at Azerbaijan’s 6.5m tons per year Baku oil refinery has been extinguished after breaking out on Wednesday morning, according to Bloomberg.
  • Port of Fujairah oil product stocks fell 7.6% in the week ended March 3 to 18.88 mn bbls – the lowest in a month according to FOIZ data.
  • China wants its refiners to produce less fuel and more petrochemical products as EV uptake alters consumption of diesel and gasoline, Bloomberg reports.
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Cracks are down on the day owing to demand concerns amidst increased trade protectionism. 

  • US ULSD crack down 1.1$/bbl at 26.93$/bbl
  • US gasoline crack down 0.8$/bbl at 23.29$/bbl
  • US 321 crack down 0.9$/bbl at 24.53$/bbl
  • EIA crude storage change surveys for week to Feb. 28 (bbl): Gasoline (bbl): -175k (bbg),-500k (WSJ), -400k (Reuters). Distillates (bbl): +1.1m (bbg), +500k (WSJ), +200k (Reuters). Ref Runs (percentage points): +0.38 (bbg), +0.4 (WSJ), +0.2 (Reuters)
  • A fire at Azerbaijan’s 6.5m tons per year Baku oil refinery has been extinguished after breaking out on Wednesday morning, according to Bloomberg.
  • Port of Fujairah oil product stocks fell 7.6% in the week ended March 3 to 18.88 mn bbls – the lowest in a month according to FOIZ data.
  • China wants its refiners to produce less fuel and more petrochemical products as EV uptake alters consumption of diesel and gasoline, Bloomberg reports.