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Mid-Day Oil Products Summary: Gasoline Cracks Strengthens

OIL PRODUCTS

Gasoline cracks are climbing again today, likely supported by indications of improving US demand. US retail gasoline demand saw a rise of 0.8% for the week ending June 22 to 8.875mb/d, according to GasBuddy.

  • US gasoline crack up 0.2$/bbl at 23.28$/bbl
  • US ULSD crack up 0.2$/bbl at 25.19$/bbl
  • Planned oil product exports from refiners and suppliers in China are set to fall to 3.19m tons in July from 3.72m tons in June, according to OilChem sources, cited by Bloomberg.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to rebound in the week to June 27 according to OilChem, as Zhenai Petrochem gradually resumes production.
  • Mexico’s Pemex imported 11% more gasoline in May than the month prior, a further indication of AMLO’s lack of ability to reduce his countries reliance on imports.
  • Citgo’s Corpus Christi West refinery said planned startup activities at its plant are ongoing on a filing on Monday.
  • Oil processing at Mexico’s Pemex domestic refineries were reduced again in May to 51.8% as the impact of the Minatitlan refinery fire in April lingers, according to Bloomberg based on company data.
  • Exxon Mobil has reported an unpanned halt on an unnamed unit at its Fos refinery in France according to a community alert.
  • India and China were the top destinations for Russian seaborne fuel oil and VGO in May according to LSEG figures.
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