April 22, 2024 11:27 GMT
Mid-Day Oil Products Summary: Diesel Cracks Stable
OIL PRODUCTS
Diesel crack spreads have started the week largely stable. However, softer US near-term demand continues to provide downside pressure. Gasoil spread last week fell into contango for the first time since May 2023.
- US ULSD crack down 0$/bbl at 23.71$/bbl
- Gasoil MAY 24 down 0.4% at 778.25$/mt
- US 321 crack down 0.4$/bbl at 27.91$/bbl
- US gasoline crack down 0.6$/bbl at 30.01$/bbl
- Russian refining has slipped to near an 11-month low as flooding impacts refinery operations adding to difficulties after the March drone attacks.
- A fire was extinguished at Eni’s Taranto refinery, Italy, in a desulfurization unit on April 20 according to Bloomberg.
- Kuwait’s Al Zour refinery has offered a spot VLSFO tender comprising 120,000 metric tons – expected to load May 2-3, with the tender closing Monday according to a Reuters source.
- Valero reported an emissions event due to a loss of integrity on piping at complex 6 of its Corpus Christi, Texas refinery west plant according to a community alert.
- Phillips 66’s 356kb/d Wood River refinery in Illinois plans turnarounds for September and late Q1 2025, according to Bloomberg sources.
- China’s exports of marine fuel oil rose 12% in March m/m to 1.32mn metric tons according to General Administration of Customs data.
- CDU capacity utilisation rates at China’s state-owned refineries are projected to keep falling in the week to April 25, according to OilChem.
- Global Airline Passenger Capacity Rises 0.3% on Week: OAG
- Global airline passenger capacity is set to rise to 112.79m seats in the seven days commencing April 22, OAG said.
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