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

OIL PRODUCTS
BulletEnergy BulletsCommodities

Diesel cracks have steadied after a fall yesterday driven by a drop in demand and inventory build adding to concern for future demand. Gasoline cracks are holding on to losses following a small stock build yesterday. 

  • US ULSD crack up 0.1$/bbl at 27.7$/bbl
  • US gasoline crack down 0.1$/bbl at 23.17$/bbl
  • US 321 crack down 0.1$/bbl at 24.69$/bbl
  • Gasoline stocks edged up by 0.37mbbl with an increase in imports set against higher weekly implied demand. The four-week average implied gasoline demand edged higher to follow the seasonal trend and remain just below the previous five year average.
  • Distillates stocks unexpectedly rose by 3.9mbbl with an increase in production, imports and a drop in weekly implied demand. The four week average implied demand pulled back from the high levels seen through early Feb due to the cold weather.
  • Resilient jet fuel demand provides some support for refiners battling an oversupplied refined products market and pressure on refining margins, BNEF said.
  • A fire has occurred at an oil tank in the oil refinery located in Cilacap, Indonesia, Xinhua reports.
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Diesel cracks have steadied after a fall yesterday driven by a drop in demand and inventory build adding to concern for future demand. Gasoline cracks are holding on to losses following a small stock build yesterday. 

  • US ULSD crack up 0.1$/bbl at 27.7$/bbl
  • US gasoline crack down 0.1$/bbl at 23.17$/bbl
  • US 321 crack down 0.1$/bbl at 24.69$/bbl
  • Gasoline stocks edged up by 0.37mbbl with an increase in imports set against higher weekly implied demand. The four-week average implied gasoline demand edged higher to follow the seasonal trend and remain just below the previous five year average.
  • Distillates stocks unexpectedly rose by 3.9mbbl with an increase in production, imports and a drop in weekly implied demand. The four week average implied demand pulled back from the high levels seen through early Feb due to the cold weather.
  • Resilient jet fuel demand provides some support for refiners battling an oversupplied refined products market and pressure on refining margins, BNEF said.
  • A fire has occurred at an oil tank in the oil refinery located in Cilacap, Indonesia, Xinhua reports.