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Mid-Day Oil Products Summary: Gasoline Crack Falling on Week

OIL PRODUCTS

Gasoline crack spreads are heading for another net decline on the week as low demand levels continue to weigh on prices although spreads have found some support since May 8. US diesel spreads eased back yesterday but are holding just above the lows of around $23.3/bbl from the start of May.

  • US 321 crack up 0.2$/bbl at 26.67$/bbl
  • US gasoline crack up 0.4$/bbl at 27.85$/bbl
  • US ULSD crack down 0.4$/bbl at 24.33$/bbl
  • Gasoil MAY 24 down 0.4% at 757.5$/mt
  • A Ukrainian drone strike set a section of a Russian refinery on fire in the Kaluga region according to RIA state news reports on Friday.
  • Chinese refiners are set to pull lower volumes of Saudi crude in June vs May according to Reuters sources.
  • BPCL, India’s third-largest oil refiner by capacity, said its average gross refining margin was $14.14/bbl for the year ended March 31, compared to $20.24/bbl a year earlier.
  • India’s HCPL aims to start crude processing at its 9mn ton/year Rajasthan refinery by the end of 2024 and the bottom upgradation units at its Vizag refinery to stabilize in Q3 and run the refinery at 15mn ton/year by Oct-Dec.

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