Mid-Day Oil Products Summary: Cracks Steady

Gasoline and diesel cracks are steady today after last week’s declines driven by rising refinery run rates boosting global supplies. Meanwhile, initial demand at the start of peak US driving season has underwhelmed.

• US gasoline crack up 0.2$/bbl at 24.69$/bbl
• US ULSD crack up 0$/bbl at 23.2$/bbl
• PBF reported a fire at its 160,000 bpd Torance refinery, California on Saturday in a regulatory filing.
• Phillips 66 reported an FCCU repair at its Borger, Texas refinery according to a regulatory filing.
• Parts of the Rhine River in southern Germany were closed to cargo shipping on Monday after heavy rains raised water levels, the German inland waterways navigation agency WSA said, cited by Reuters.
• A fire was reported at a Lukoil refinery in Russia’s Komo Republic region on Sunday according to the country's nuclear and environmental watchdog Rostechnadzor.
• China’s Rongsheng Petrochemical has bought its first Canadian crude cargo via the recently expanded Trans Mountain Pipeline according to Reuters sources.
• Turkeys Tupras says the periodic maintenance of the Izmit refinery fuel oil conversion units has been completed.
• CDU Capacity Utilisation rates at China’s state-owned refineries are expected to continue falling in the week to June 6, according to OilChem, as Sinopec and CNPC plan to cut daily throughput.
• India’s diesel and gasoline sales rose in May compared to April levels, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed.
• Global airline passenger capacity is set to rise to 116.30m seats in the seven days commencing from June 3, OAG said