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Mid-Day Oil Products Summary: Cracks Soften

OIL PRODUCTS
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Diesel and gasoline crack spreads are softer today after finding gains last week. Gasoline exports from China fell to the lowest since 2015 in April amid refinery maintenance.

  • US gasoline crack down 0.6$/bbl at 27.68$/bbl
  • US ULSD crack down 0.4$/bbl at 24.18$/bbl
  • Six Ukrainian drones struck the Russian Slavyansk refinery facility on Sunday – halting operations according to RBC reports Monday.
  • Russia made a final decision to suspend the temporary ban on gasoline exports with sufficient supply to the domestic market according to Reuters citing RBC daily.
  • The Import pischeprom oil products in the Russian Black Sea has resumed loadings after a Ukrainian drone attack on Friday according to Reuters sources and LSEG data.
  • NW European E5 gasoline barges have fallen so far in May due to a relative scarcity of export opportunities, according to Energy Aspects.
  • Exxon Mobil’s 250,000 bpd Joliet refinery in Illinois reported a fire on Saturday according to a regulatory filing.
  • Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico signals further delays according to Reuters reports.
  • China’s gasoline exports in April slipped to the lowest level since July 2015 according to customs figures on firmer domestic demand.
  • CDU capacity utilisation rates at China’s state-owned refineries are projected to rise in the week to May 23, according to OilChem.
  • Refinery runs in Asia runs, excluding China, are expected to fall by 300kb/d in Q2 from Q1 to 15.7mb/d through July, according to FGE on May 17 via Bloomberg.
  • Global airline passenger capacity is set to rise to 113.45m seats in the seven days commencing May 20, OAG said.
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Diesel and gasoline crack spreads are softer today after finding gains last week. Gasoline exports from China fell to the lowest since 2015 in April amid refinery maintenance.

  • US gasoline crack down 0.6$/bbl at 27.68$/bbl
  • US ULSD crack down 0.4$/bbl at 24.18$/bbl
  • Six Ukrainian drones struck the Russian Slavyansk refinery facility on Sunday – halting operations according to RBC reports Monday.
  • Russia made a final decision to suspend the temporary ban on gasoline exports with sufficient supply to the domestic market according to Reuters citing RBC daily.
  • The Import pischeprom oil products in the Russian Black Sea has resumed loadings after a Ukrainian drone attack on Friday according to Reuters sources and LSEG data.
  • NW European E5 gasoline barges have fallen so far in May due to a relative scarcity of export opportunities, according to Energy Aspects.
  • Exxon Mobil’s 250,000 bpd Joliet refinery in Illinois reported a fire on Saturday according to a regulatory filing.
  • Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico signals further delays according to Reuters reports.
  • China’s gasoline exports in April slipped to the lowest level since July 2015 according to customs figures on firmer domestic demand.
  • CDU capacity utilisation rates at China’s state-owned refineries are projected to rise in the week to May 23, according to OilChem.
  • Refinery runs in Asia runs, excluding China, are expected to fall by 300kb/d in Q2 from Q1 to 15.7mb/d through July, according to FGE on May 17 via Bloomberg.
  • Global airline passenger capacity is set to rise to 113.45m seats in the seven days commencing May 20, OAG said.