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Mid-Day Oil Products Summary: Cracks Lose Ground

OIL PRODUCTS

Product cracks are resuming their losses today after yesterday’s rebound. A spike in underlying crude is likely adding pressure. U.S. retail gasoline demand saw a fall of 0.2% for the week ending August 31 w/w according to GasBuddy.

  • US gasoline crack down 0.4$/bbl at 12.49$/bbl
  • US ULSD crack down 0.5$/bbl at 21.93$/bbl
  • Valero began restarting the large CDU at its 360,000 bpd Port Arthur, Texas refinery on Tuesday according to Reuters sources.
  • Marathon Carson refinery has a unplanned flare event, according to Bloomberg headlines.
  • Some members of staff at Marathon’s 140,000 bpd Detroit refinery will go on a strike starting Wednesday over a pay dispute.
  • Rhine water levels at the Kaub measuring point are recovering after falling to the lowest since October on 2 September, data from the German Federal Waterways and Shipping Administration showed.
  • Russian officials said on Thursday that the oil product supply situation is stable in all regions of Russia according to TASS reports.
  • Port of Fujairah oil product stockpiles fell 5.3% w/w to 16.858 mn bbls as of Sept. 2 - the lowest since Aug. 12, FOIZ data showed.
  • China’s gasoil prices will stay on a downward trend in September, according to OilChem.
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