Mid-Day Oil Products Summary: Cracks Stable

US gasoline and diesel crack spreads are holding steady today. Prices had found some support yesterday on larger than expected draws in product stocks and slight increases in implied demand.

• US gasoline crack up 0.1$/bbl at 20.57$/bbl
• US ULSD crack down 0$/bbl at 22.25$/bbl
• Russia’s seaborne oil product exports to Asia via the Cape of Good Hope nearly doubled m/m in July to 1.1 million metric tons according to LSEG.
• Iraq’s ambitions to expand its refining capacity and shift to exports of higher value products is closer to realisation with two more refineries planned, Platts said.
• Chinese refiners processed 59.06 million metric tons of crude oil in July, equivalent to 13.91mn bpd – the lowest since October 2022 according to NBS data.
• Singapore’s onshore fuel oil stockpiles fell to five-week lows despite higher imports, according to Enterprise data on Thursday.
• China’s road traffic levels have registered the fourth consecutive weekly drop, according to BNEF.