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OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Hold Steady

OIL PRODUCTS
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Cracks are broadly flat on the day but are generally on track for weekly gains, supported by rises in implied demand and expectations of a busy maintenance season. 

  • US ULSD crack steady at 30.53$/bbl
  • US gasoline crack down 0.1$/bbl at 16.48$/bbl
  • US 321 crack steady at 21.17$/bbl
  • Run rates at China’s Shandong teapot refineries has fallen to the lowest since March 2020 at 43.64%, according to Mysteel Oilchem cited by Bloomberg.
  • China’s road traffic congestion in China’s 15 key cities fell 22.4 percentage points in the seven days Feb. 5, BNEF said.
  • Pemex’s Deer Park refinery in Texas plans to carry out a major 6-week turnaround at its 340k b/d refinery along the Houston Ship Channel, according to person with knowledge of the situation.
  • Global implied passenger jet fuel demand is entering its fourth straight week of minimal change, according to BNEF.
  • Total implied jet fuel demand across North America is seen falling 0.3% in the week to Feb. 10 to 1.52m b/d. This puts it up around 2.0% year-on-year
  • Exxon Mobil’s Baton Rouge, La refinery has shut its 110k b/d Pipestill 8 crude unit for turnaround, Bloomberg sources reported on Thursday.
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Cracks are broadly flat on the day but are generally on track for weekly gains, supported by rises in implied demand and expectations of a busy maintenance season. 

  • US ULSD crack steady at 30.53$/bbl
  • US gasoline crack down 0.1$/bbl at 16.48$/bbl
  • US 321 crack steady at 21.17$/bbl
  • Run rates at China’s Shandong teapot refineries has fallen to the lowest since March 2020 at 43.64%, according to Mysteel Oilchem cited by Bloomberg.
  • China’s road traffic congestion in China’s 15 key cities fell 22.4 percentage points in the seven days Feb. 5, BNEF said.
  • Pemex’s Deer Park refinery in Texas plans to carry out a major 6-week turnaround at its 340k b/d refinery along the Houston Ship Channel, according to person with knowledge of the situation.
  • Global implied passenger jet fuel demand is entering its fourth straight week of minimal change, according to BNEF.
  • Total implied jet fuel demand across North America is seen falling 0.3% in the week to Feb. 10 to 1.52m b/d. This puts it up around 2.0% year-on-year
  • Exxon Mobil’s Baton Rouge, La refinery has shut its 110k b/d Pipestill 8 crude unit for turnaround, Bloomberg sources reported on Thursday.