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

OIL PRODUCTS
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Cracks are higher on the day as the market digests increasing trade tensions and expectations of a busy maintenance season ahead. 

  • US ULSD crack up 0.3$/bbl at 32.66$/bbl
  • US gasoline crack up 0.1$/bbl at 17.22$/bbl
  • US 321 crack up 0.2$/bbl at 22.37$/bbl
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
  • Russian refinery runs seen close to last year’s level, or slightly above, Interfax reports, citing Deputy PM Alexander Novak.
  • Refinery runs could grow compared to 2024 given that early last year there were more incidents at Russian refineries than now, Novak said.
  • Oil petroleum production in Russia remains stable despite attacks and subsequent unscheduled repairs at a number of refineries in the country, Deputy PM Alexander Novak said, cited by Interfax. Russian exchange prices for gasoline have jumped 18%-20% in the last two weeks over concerns about supply.
  • China’s gasoil supply-demand balance will be around 0.91m mt in Feb, according to OilChem. This is narrowing significantly compared with the same period in 2024 due to slowing supply but improving demand. China’s gasoil demand is likely to show a monthly increase of around 2.9%, OilChem added.
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Cracks are higher on the day as the market digests increasing trade tensions and expectations of a busy maintenance season ahead. 

  • US ULSD crack up 0.3$/bbl at 32.66$/bbl
  • US gasoline crack up 0.1$/bbl at 17.22$/bbl
  • US 321 crack up 0.2$/bbl at 22.37$/bbl
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
  • Russian refinery runs seen close to last year’s level, or slightly above, Interfax reports, citing Deputy PM Alexander Novak.
  • Refinery runs could grow compared to 2024 given that early last year there were more incidents at Russian refineries than now, Novak said.
  • Oil petroleum production in Russia remains stable despite attacks and subsequent unscheduled repairs at a number of refineries in the country, Deputy PM Alexander Novak said, cited by Interfax. Russian exchange prices for gasoline have jumped 18%-20% in the last two weeks over concerns about supply.
  • China’s gasoil supply-demand balance will be around 0.91m mt in Feb, according to OilChem. This is narrowing significantly compared with the same period in 2024 due to slowing supply but improving demand. China’s gasoil demand is likely to show a monthly increase of around 2.9%, OilChem added.