Oil Products End of Day Summary

Diesel and gasoline crack spreads pull away from recent high's with downward momentum extending from the EIA report this week.

• US gasoline crack down -2.1$/bbl at 34.94$/bbl
• US ULSD crack down -1.9$/bbl at 45.02$/bbl
• Gasoil stockpiles in independent storage in Europe’s ARA rose last week, according to Insights Global: Gasoil: 2,117, +68; Gasoline: 1,293, -58; Jet Fuel: 772, +51
• Extreme heat is cutting European diesel and gasoline demand by as much as one fifth in some countries according to a Rystad Energy.
• Russia’s exports of refined oil products climbed to a three-month high of 2.55mbpd on 1-28 July, up by 203kbpd compared to the total of June.
• European diesel markets could be less tight in the second half of August because of the wave of US ULSD shipments in July according to Sparta Commodities.
• Total Reports Disruption in a Unit at Normandy Complex (Gonfreville) in France – bbg – the headline is providing some sup[port to European cracks.
• High-sulphur fuel oil in northwest Europe is priced at a premium to ICE Brent futures for the first time since at least 2005 according to Argus assessments amid increased bidding in the past few days.
• Imports of feedstocks into China via Shandong Provence and Tianjin City by traditional independent refineries and traders fell by 8.2% on the month to 11.2m mt in July, according to OilChem.
• Growth in global demand for transport fuels was 0.3m b/d for the week ending July 29 and down by 1m b/d from the prior week according to JPMorgan.