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Mid-Day Oil Products Summary: Gasoline Cracks Under Pressure

OIL PRODUCTS
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Gasoline cracks are down again today with pressure from some indications of improving supplies, weak seasonal demand, and returning refineries from maintenance.

  • US gasoline crack down 0.7$/bbl at 25.73$/bbl
  • RBOB JUN 24 down 1.1% at 2.48$/gal
  • US ULSD crack down 0.5$/bbl at 25.34$/bbl
  • US 321 crack down 0.2$/bbl at 25.6$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline +2.1mbbl, Distillate -0.3mbbl
  • A revival in operations at Russia’s Tuapse refinery boosted oil product outflows from the refinery in May but further strikes mean the increase may be short lived according to Vortexa.
  • BP's 435,000 bpd Whiting, Indiana, refinery experienced a flaring event on Sunday and another on Monday according to Reuters sources.
  • U.S. oil refinery capacity is seen rising 408,000 bpd for the week ended May 24 w/w according to IRR.
  • Port of Fujairah, UAE, oil product stocks dropped for a fifth consecutive week in the latest data as fuel oil arrivals built ahead of summer power burn demand.
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Gasoline cracks are down again today with pressure from some indications of improving supplies, weak seasonal demand, and returning refineries from maintenance.

  • US gasoline crack down 0.7$/bbl at 25.73$/bbl
  • RBOB JUN 24 down 1.1% at 2.48$/gal
  • US ULSD crack down 0.5$/bbl at 25.34$/bbl
  • US 321 crack down 0.2$/bbl at 25.6$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline +2.1mbbl, Distillate -0.3mbbl
  • A revival in operations at Russia’s Tuapse refinery boosted oil product outflows from the refinery in May but further strikes mean the increase may be short lived according to Vortexa.
  • BP's 435,000 bpd Whiting, Indiana, refinery experienced a flaring event on Sunday and another on Monday according to Reuters sources.
  • U.S. oil refinery capacity is seen rising 408,000 bpd for the week ended May 24 w/w according to IRR.
  • Port of Fujairah, UAE, oil product stocks dropped for a fifth consecutive week in the latest data as fuel oil arrivals built ahead of summer power burn demand.