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Oil Product Summary at European Close: US Cracks Decline

OIL PRODUCTS

US gasoline and diesel cracks are down on the day as the market looks towards the latest US inventory data after the large draws seen in recent weeks. Demand concern is limiting upside pressure while destocking is adding to supplies but with upside risks from the low US inventories.

    • US gasoline crack down -1.7$/bbl at 14.25$/bbl
    • US ULSD crack down -1.6$/bbl at 40.72$/bbl
  • Heavy maintenance in the Middle East and lower gasoline exports from China will support the East of Suez gasoline market in coming weeks according to FGE last week.
  • Middle Eastern diesel exports to Europe fell to 248kbpd in October, the lowest level in eleven months, down from 307kbpd in September, as refinery disruptions, mainly Al-Zour, and more exports from the US weighed on supplies, S&P Global Commodities at Sea data showed.
  • Russia is not planning to lift current restrictions on winter diesel exports but considers easing measured during the summer months, Russia’s Energy Minister Nikolai Shulginov said, cited by Tass.
  • China’s refined oil exports are planned at 2.73m tonnes in November, a drop of 19.94% MoM according to an OilChem survey. Exports are expected to decline further to 2.5-2.7m tonnes in December based on the remaining export quotas.
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