Oil Products at European Close: Gasoline Cracks Rise

Gasoline cracks have regained some ground during European trading, while diesel has relinquished its earlier gains to be down on the day. Ongoing weakness in seasonal demand and robust US inventories continue to weigh on the spreads. Gasoline is up around 0.6% since the start of the week, while diesel is rangebound.

• US gasoline crack up 0.3$/bbl at 15.01$/bbl
• US ULSD crack down -0.3$/bbl at 37.67$/bbl
• Preliminary Vortexa flows data suggests that China’s fuel oil imports, encompassing bunker fuel and refining feedstock, will surge to a new record of over 500kbd during the period of Dec 1-15.
• CDU capacity utilisation rates in December across China are expected to fall by 1.24 percentage points to average 70.56% amid lagging winter demand, according to OilChem.
• Nigeria’s 650,000 bpd Dangote refinery has received its first crude cargo after Platts reported Thursday it was imminently arriving.
• Marathons Galveston Bay refinery Texas has returned its CDU to normal operation according to Reuters sources late Thursday.
• Pemex’s Dos Bocas refinery in Mexico is still facing delays after the government said it would be running at full capacity by December earlier in the year.
• Croatia’s Rijeka refinery will complete an upgrade next year according to Bloomberg reports from a company official.
• India’s Gasoline and Jet fuel consumption rose in November, amid increased travel and industrial activity during the Diwali season, according to Argus.
• Some Asian refiners are set to agree diesel export deals at lower premiums in 2024 than last year according to Reuters sources.