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Mid-Day Oil Products Summary: Cracks Supported by Stock Draw Signs

OIL PRODUCTS

Diesel and gasoline crack spreads are supported today after API data showed US stocks draws in both gasoline and distillates.

  • US gasoline crack up 0$/bbl at 23.73$/bbl
  • US ULSD crack up 0.4$/bbl at 24.74$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline -1.92mbbl, Distillate -0.322mbbl
  • The OPIS Gasoline Volume Survey suggests todays’ gasoline demand number from the EIA will resemble similar levels to two weeks ago at 8.78-million b/d.
  • Cenovus Energy shut a unit at its 183,000 bpd Lima refinery in Ohio on Tuesday according to the company.
  • Shandong’s new major Yulong refinery bought ~1.47m bbls of ESPO crude for September arrival according to Bloomberg sources, ahead of its startup.
  • Fujairah’s 67,000 bpd Fort refinery in Fujairah, UAE, aims to restart production in August according to Argus.
  • Fujairah oil product stocks fell 3.1% in the week ended July 29 - a four-week low according to Fujairah Oil Industry Zone data.

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