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Mid-Day Oil Products Summary: Gasoline Cracks Sink

OIL PRODUCTS

Gasoline crack spreads have sunk to their lowest level since mid-Feb amid signs of seasonally lower US summer demand and talk of Russia relaxing its gasoline export ban. API data also showed builds in both US gasoline and distillates stocks last week.

  • US 321 crack down 0.7$/bbl at 26.5$/bbl
  • US gasoline crack down 0.9$/bbl at 27.35$/bbl
  • US ULSD crack down 0.2$/bbl at 24.81$/bbl
  • Gasoil MAY 24 down 0.6% at 745.5$/mt
  • The Russian Energy Ministry proposed to lift the ban on gasoline exports for May-June due to oversaturation of the domestic market, according to Kommersant.
  • China’s Shandong refiners are bringing forward planned maintenance due to bearish margins - curtailing imports of discounted crude.
  • A Petrobras refinery, the 201,280 bpd Alberto Pasqualini in Brazil is facing difficulty shipping fuel because of heavy flooding.
  • Fujairah oil product stockpiles dropped for a third consecutive week as of May 6 according to Fujairah Oil Industry Zone figures.

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