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Oil Product European Close Summary: Gasoline Crack At Mid-Feb Low

OIL PRODUCTS
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Gasoline cracks have fallen back to their lowest level since mid-February. A general weakening in the oil complex, coupled with expectations of more tepid demand during peak US driving season are providing downside.

  • US gasoline crack down 1.1$/bbl at 24.23$/bbl
  • US ULSD crack down 0.6$/bbl at 23.98$/bbl
  • Russia's exports of ULSD from the Baltic Sea port of Primorsk in June are set to fall by 4.4% month on month to 1.36 million metric tons - down from 1.47 million tons scheduled for May according to Reuters.
  • Imports of straight-run fuel oil (SRFO) to the U.S Gulf Coast were set to climb to record levels this month according to Kpler due to higher supplies from Mideast and African suppliers.
  • Asian refiners would prefer to see OPEC+ rollover its production cuts into H2 as it prioritises oil prices and stronger crack spreads over crude supply security, Platts said.
  • Stockpiles of oil products at the UAE's Port of Fujairah climbed for the first time in six weeks in the latest Fujairah Oil Industry Zone data.
  • China’s refined product oil exports are planned at 3.72m mt in June, a fall of 5.1% on the month, according to OilChem.
  • Global implied jet fuel demand in the week commencing May 28 is set to rise marginally, maintaining the uptick seen the week prior, according to BNEF.
  • MNI COMMODITY WEEKLY- Full piece here:
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Gasoline cracks have fallen back to their lowest level since mid-February. A general weakening in the oil complex, coupled with expectations of more tepid demand during peak US driving season are providing downside.

  • US gasoline crack down 1.1$/bbl at 24.23$/bbl
  • US ULSD crack down 0.6$/bbl at 23.98$/bbl
  • Russia's exports of ULSD from the Baltic Sea port of Primorsk in June are set to fall by 4.4% month on month to 1.36 million metric tons - down from 1.47 million tons scheduled for May according to Reuters.
  • Imports of straight-run fuel oil (SRFO) to the U.S Gulf Coast were set to climb to record levels this month according to Kpler due to higher supplies from Mideast and African suppliers.
  • Asian refiners would prefer to see OPEC+ rollover its production cuts into H2 as it prioritises oil prices and stronger crack spreads over crude supply security, Platts said.
  • Stockpiles of oil products at the UAE's Port of Fujairah climbed for the first time in six weeks in the latest Fujairah Oil Industry Zone data.
  • China’s refined product oil exports are planned at 3.72m mt in June, a fall of 5.1% on the month, according to OilChem.
  • Global implied jet fuel demand in the week commencing May 28 is set to rise marginally, maintaining the uptick seen the week prior, according to BNEF.
  • MNI COMMODITY WEEKLY- Full piece here: