Oil Product Summary at European Close: Cracks Down WoW

Gasoline cracks are edging higher today but are tracking a week-on-week net decline amid an unexpected build in US gasoline stocks in the latest EIA data with implied demand increasing at a slightly lower rate than seen in previous weeks. Diesel cracks also down on the week with more refinery capacity returning online after spring maintenance.

• US gasoline crack up 0.2$/bbl at 31$/bbl
• US ULSD crack down 0.4$/bbl at 27.27$/bbl
• Flint Hills shut the 58kbpd FCC at the Corpus Christi West, Texas, refinery on Wednesday afternoon, after two small fires were reported on Tuesday night and early Wednesday, according to TCEQ filing.
• ARA Oil Product Stocks: Gasoline: 1,247, +5; Naphtha: 437, -40; Gasoil: 2,106, +60; Fuel Oil: 1,511, -2; Jet Fuel: 708, -61
• More than a fifth of global oil refining capacity is at risk of closure as gasoline margins weaken and the pressure to reduce carbon emissions increases, according to Wood Mackenzie.
• Russian offline capacity has risen by about a third in March to 4.079 million metric tons from February according to Reuters calculations on industry sources information.
• Russia's Kuibyshev refinery, near the city of Samara has halted all production following a Ukrainian drone attack last week according to two Reuters sources.
• Neste plans to start reducing output and shutting units at its 206kbpd Porvoo refinery in Finland gradually from 1 April for a nine-week scheduled maintenance, the firm said.
• Singapore fuel oil stocks slipped to a two-week low on lower imports according to Enterprise Singapore data Thursday.
• Singapore middle distillate stocks drew for a second week in the latest Enterprise figures, slipping 2% w/w.