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Mid-Day Oil Products Summary: Cracks Tick Up

OIL PRODUCTS

Diesel cracks are ticking back up today, adjusting slightly after yesterday’s steep losses. Tighter diesel supplies are supportive with Middle East flows headed to Asia instead of Europe. Meanwhile China’s exports look weak amid poorer margins.

  • US ULSD crack up 0.4$/bbl at 24.25$/bbl
  • US gasoline crack up 0.3$/bbl at 22.51$/bbl
  • US 321 crack up 0.3$/bbl at 23.09$/bbl
  • ULSD JUL 24 up 0.2% at 2.49$/gal
  • Several oil product tanks at a storage facility in Russia’s southern Rostov region caught fire after another drone attack, according to regional governor Vasily Golubev overnight.
  • China's exports of diesel and kerosene surged in May compared to last year, according to General Administration of Customs data.
  • Weekly CDU capacity utilisation rates across Chinese refineries fell to a year-to-date low in the week to June 13, amid heavy maintenance and poor refining profit margins, OilChem said.
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