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OIL PRODUCTS: Oil Products at European Close: Diesel Crack at 6-Month High

OIL PRODUCTS
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Diesel cracks have climbed to their highest level since July, as colder weather in the US boosts gasoil demand for heating. Further sanctions against Russia is also likely to be bullish for ULSD. Diesel cracks are up 11.5% on the week.

  • US gasoline crack down 0.6$/bbl at 10.76$/bbl
  • US ULSD crack up 1.6$/bbl at 27.75$/bbl
  • Gasoline cracks are down around 9% on the week, as winter storms have disrupted travel and diminished driving demand.
  • US oil refiners are expected to have about 595k b/d of capacity offline in the week ending Jan. 10, decreasing available refining capacity by about 395k b/d, IIR said, cited by Reuters.
  • US offline capacity is expected to rise to 1.22m b/d in the week to Jan. 17 and further to 1.49m b/d the week after.
  • Motiva’s Port Arthur refinery plans to halt its 93kb/d FCC and 22kb/d alkylation unit from Jan. 21 for maintenance, according to Bloomberg sources.
  • A 151k b/d crude unit at Turkey’s Izmir refinery operated by Tupras is expected to restart in early February after a fire Nov. 25, IIR said, cited by Reuters.
  • Asia’s Hi-5 fuel oil spread widened by over 2% on the week, reflecting a softer market for HSFO, while VLSFO trended steady to slightly firmer this week, Reuters said.
  • Total demand for air cargo, measured in CTKs, rose 8.2% on the year in November, the 16th consecutive month of growth, according to IATA.
  • A winter storm blanketed the southern US after dumping several inches of snow across the Midwest, causing several airlines to cancel more than 2,000 flights and delay more than 1,100 others in multiple states.
  • Heathrow airport is allocating more funds to help airlines boost SAF adoption in 2025. 
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Diesel cracks have climbed to their highest level since July, as colder weather in the US boosts gasoil demand for heating. Further sanctions against Russia is also likely to be bullish for ULSD. Diesel cracks are up 11.5% on the week.

  • US gasoline crack down 0.6$/bbl at 10.76$/bbl
  • US ULSD crack up 1.6$/bbl at 27.75$/bbl
  • Gasoline cracks are down around 9% on the week, as winter storms have disrupted travel and diminished driving demand.
  • US oil refiners are expected to have about 595k b/d of capacity offline in the week ending Jan. 10, decreasing available refining capacity by about 395k b/d, IIR said, cited by Reuters.
  • US offline capacity is expected to rise to 1.22m b/d in the week to Jan. 17 and further to 1.49m b/d the week after.
  • Motiva’s Port Arthur refinery plans to halt its 93kb/d FCC and 22kb/d alkylation unit from Jan. 21 for maintenance, according to Bloomberg sources.
  • A 151k b/d crude unit at Turkey’s Izmir refinery operated by Tupras is expected to restart in early February after a fire Nov. 25, IIR said, cited by Reuters.
  • Asia’s Hi-5 fuel oil spread widened by over 2% on the week, reflecting a softer market for HSFO, while VLSFO trended steady to slightly firmer this week, Reuters said.
  • Total demand for air cargo, measured in CTKs, rose 8.2% on the year in November, the 16th consecutive month of growth, according to IATA.
  • A winter storm blanketed the southern US after dumping several inches of snow across the Midwest, causing several airlines to cancel more than 2,000 flights and delay more than 1,100 others in multiple states.
  • Heathrow airport is allocating more funds to help airlines boost SAF adoption in 2025.