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OIL: Mid-Day Oil Products Summary: Cracks Edging Up

OIL
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Diesel and gasoline cracks are edging higher today but remain near lows of the year due to weak demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.

  • US ULSD crack up 0.1$/bbl at 17.77$/bbl
  • US gasoline crack up 0.4$/bbl at 12.82$/bbl
  • US 321 crack up 0.3$/bbl at 14.47$/bbl
  • ULSD OCT 24 down 0.1% at 2.1$/gal
  • RBOB OCT 24 up 0.5% at 1.98$/gal
  • European refiners have been forced to cut runs because of prolonged margin weakness according to FGE.
  • Water levels on the Danube River at the Passau measuring point increased further to 8.12m on Tuesday, up from 7.59m on Monday and above the seasonal average of 4.46m due to flooding in parts of NW Europe and Central Europe, BAFG data showed.
  • Nigeria's Dangote refinery significantly reduced its crude imports in August to 168 kbd - half of July’s level according to Kpler, something it said pointed towards supply issues.
  • Asia’s ULSD refining margins have dropped to a three-year low, according to Reuters.
  • Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment.
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Diesel and gasoline cracks are edging higher today but remain near lows of the year due to weak demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.

  • US ULSD crack up 0.1$/bbl at 17.77$/bbl
  • US gasoline crack up 0.4$/bbl at 12.82$/bbl
  • US 321 crack up 0.3$/bbl at 14.47$/bbl
  • ULSD OCT 24 down 0.1% at 2.1$/gal
  • RBOB OCT 24 up 0.5% at 1.98$/gal
  • European refiners have been forced to cut runs because of prolonged margin weakness according to FGE.
  • Water levels on the Danube River at the Passau measuring point increased further to 8.12m on Tuesday, up from 7.59m on Monday and above the seasonal average of 4.46m due to flooding in parts of NW Europe and Central Europe, BAFG data showed.
  • Nigeria's Dangote refinery significantly reduced its crude imports in August to 168 kbd - half of July’s level according to Kpler, something it said pointed towards supply issues.
  • Asia’s ULSD refining margins have dropped to a three-year low, according to Reuters.
  • Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment.