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Oil Products End of Day Summary: Cracks Climb

OIL PRODUCTS

Diesel markets found support from a further attack on Russia’s energy infrastructure, raising potential concerns for supply disruption. The US Gasoline crack is also stronger today with support from refinery outages.

  • US gasoline crack up 2.2$/bbl at 19.91$/bbl
  • US ULSD crack up 1.8$/bbl at 41.66$/bbl
  • Kuwait’s 615,000 bpd Al-Zour refinery reached full production capacity for the first time on February 4 KIPIC announced via X.
  • Oman’s Duqm refinery’s units are running at full capacity of 230k b/d, according to KPI’s CEO Shafi Taleb Al-Ajmi, cited by Market Screener
  • ExxonMobil has halted several units on Monday as part of a scheduled maintenance at the 131kbpd Fos-sur-Mer oil refinery in France according to a community alert.
  • Lukoil’s Volgograd oil refinery is operating normally following a drone attack: Tass.
  • Russian refinery rates have fallen to a near two-month low following Ukrainian drone strikes according to a Bloomberg source.
  • Around 15-35 Aframax’s could be switching to clean trade in the coming months according to Kpler.
  • Feedstock imports for crude, bitumen mix and fuel oil to China’s Teapots in Jan fell to the lowest since June 2022 according to tanker-tracking data by OilChem.
  • Global implied jet fuel demand is set to rise by 0.9% on the week to 6.1m b/d in the week to Feb. 12, according to BNEF.
  • Global passenger capacity is set to rise by 0.63% in the week commencing Feb. 5 to 104.62m seats, according to OAG data.
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