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Mid-Day Oil Products Summary: Cracks Slip

OIL PRODUCTS

Gasoline and diesel cracks have continued on a downward trajectory today amid sluggish fuel demand and healthy global supply.

  • US gasoline crack down 0$/bbl at 14.14$/bbl
  • US ULSD crack down 0.1$/bbl at 22.85$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline -1.043mbbl: Distillate -2.247mbbl
  • China’s major new refinery, Yulong started a trial run of the cracked gas compressor at a 1.5m-ton/yr ethylene unit on Aug. 15, according to the official China Industry News cited by Bloomberg.
  • Nigeria will begin selling crude oil to the Dangote refinery in naira from October 1 according to the finance ministry.
  • Total oil product stocks at the Port of Fujairah rose to 17.876 million barrels - the first increase in five weeks - from a 10-month low a week earlier, according to FOIZ data for the week ended August 19.

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