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Mid-Day Oil Products Summary: Diesel Cracks Continue Fall

OIL PRODUCTS

Diesel cracks are extending the recent trend lower driven by concern for soft demand while gasoline cracks are rising, supported by a US inventory draw and an increase in implied demand yesterday.

  • RBOB JAN 24 up 0.7% at 2.1$/gal
  • US gasoline crack up 0.4$/bbl at 16.88$/bbl
  • Gasoil JAN 24 down -2.5% at 751.25$/mt
  • US ULSD crack down -0.7$/bbl at 34.15$/bbl
  • Nigeria’s 650k b/d Dangote refinery has received its third crude cargo of 1m bbl, taking its total deliveries to 3m bbl, according to Africa Global Media.
  • China has released its first batch of 2024 LSFO quotas totaling 8m mt, according to OilChem.
  • Waterborne deliveries of residual fuel oil from the USGC are set for their lowest month since May 2020, as Panama delays hamper long haul arrivals, according to Argus.
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