May 28, 2024 11:16 GMT
Mid-Day Oil Products Summary: Gasoline Cracks Down
OIL PRODUCTS
Gasoline cracks are down today as markets are underwhelmed by actual US demand levels. Factors like car efficiency and electrification dent consumption mean that “Peak July [US gasoline] - demand may not even hit 9.2-9.3 this year,” according to GasBuddy.
- US gasoline crack down 0.7$/bbl at 25.69$/bbl
- US ULSD crack up 0.2$/bbl at 24.77$/bbl
- Gasoil JUN 24 up 0.6% at 753.5$/mt
- US 321 crack down 0.4$/bbl at 25.38$/bbl
- The Memorial Day weekend in the U.S. has indicated strong travel demand by both road and air as well as marked the start of summer driving season of peak gasoline demand.
- U.S. seat numbers on domestic flights for May rose by 5% m/m and almost 6% y/y - to slightly above 90 million according to OAG showed - surpassing 2019 levels.
- Chevrons 245 kbd Richmond refinery in the San Francisco area suffered a mechanical failure of a flare gas compressor on Monday according to a regulatory filing.
- Kazakhstan’s Energy Ministry announced that it processed 5.9m mt of oil from Jan-April, up 5.4% on the same period in 2023, Interfax reported.
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