Oil Product Summary at European Close: US Cracks Ease Back

US gasoline and diesel cracks have extended the earlier pullback, with US refineries returning from seasonal maintenance, offsetting the continuing recovery in US gasoline demand.

• US gasoline crack down 1.1$/bbl at 29.96$/bbl
• US ULSD crack down 1$/bbl at 25.99$/bbl
• US gasoline demand last week (Sun-Sat) increased by 2.4% and stood 4.1% above the four-week average at 8.916mbpd according to GasBuddy.
• Russia is planning to reduce diesel exports from its Baltic and Black Sea ports to 2.29mn tons, or 569kbpd, in April, down from 724kbpd in March, Kpler data showed, cited by Bloomberg, as crude-processing rates fell to a 10-month low after Ukrainian attacks on Russian oil refineries and seasonal maintenance.
• Russia’s Deputy PM Alexander Novak said on Friday there is no need for a Russian ban on diesel exports despite Ukraine’s attacks on Russian oil refineries.
• Lukoil expects to restore output at its 340kbpd Norsi refinery in one or two months, Russia’s Deputy PM Alexander Novak said on Friday.
• CDU utilization rates at Chinese independent refinery in Shandong Province were at 53.56% in the week to 28 March, down from a 22-month low the week prior, with rates expected to remain low in the coming weeks according to OilChem.
• A fire started at Rompetrol Rafinare’s Petromidia refinery on the Black Sea coast earlier in the day on 29 Friday but was extinguished, Digi24 TV station reports, cited by Bloomberg.
• Parkland’s 55kbpd Burnaby refinery returned to normal operations on 29 March after an unplanned shutdown on 12 January due to extreme cold, the firm said.
• Germany’s Miro refinery in Karlsruhe shut the 130kbpd CDU and 55kbpd VDU on 28 March according to WoodMac.