Oil Products End of Day Summary at European Close:

Diesel cracks have surged following a larger than expected draw in distillate stocks. Meanwhile, gasoline cracks have recouped some of their losses after the sharper stock draw and a rise in demand but remain down on the day.

• US ULSD crack up 2$/bbl at 44.84$/bbl
• US gasoline crack down -0.5$/bbl at 8.46$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Oct 06: Gasoline stocks -1,313 vs Exp -128, Implied mogas demand +567, Distillate stocks -1,837 vs Exp -712, Implied dist demand -145.
• Brazil will continue to import Russian diesel to contain prices for its domestic market according to Minister Alexandre Silveira.
• Barge rates for shipments of diesel to the Upper Rhine and into Switzerland from the ARA hub are rising amid low Rhine River levels and German refinery maintenance according to Bloomberg.
• 60% of Russian seaborne crude is now shipped by tankers outside the G7 price cap’s jurisdiction, further complicating enforcement, according to Platts.
• Europe is struggling to boost its diesel imports, according to Bloomberg, amid a fall in arrivals from traditional suppliers such as Saudi Arabia and the USA.
• Moscow revised its October plan for seaborne diesel exports, increasing volumes by 334k b/d, according to Bloomberg.
• Novak: Russia may ease fuel export to avoid overstocking: TASS - Bloomberg