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Oil Products End of Day Summary: Cracks Climb

OIL PRODUCTS

Diesel crack spreads reversed earlier losses to record robust gains on the day. Supply risks from planned and unplanned refinery outages are offsetting weaker demand and signs of a recovery in US run rates.

  • US 321 crack up 0.9$/bbl at 33.19$/bbl
  • US gasoline crack up 0.9$/bbl at 33.07$/bbl
  • US ULSD crack up 0.9$/bbl at 33.42$/bbl
  • Gasoil APR 24 up 0.8% at 837.75$/mt
  • Gasoline cracks have maintained their rise, up 17.5% since the start of the week. Signs of growing demand, tighter supply, and the approach of the US summer driving season all provide upside.
  • Russian oil refining capacity halted by drone attacks during Q1 2024 amounts to around 7% of the total capacity at 4.6m metric tons (370.5kb/d), according to Reuters calculations.
  • TotalEnergies had a temporary malfunction on a petchem unit in its Gonfreville-Normandy complex according to a community notice.
  • Jet fuel prices in the US Midwest climbed after inventories dropped to a year-to-date low, according to Bloomberg.
  • MNI US Refinery Maintenance Schedule: Full Piece Here: https://enews.marketnews.com/ct/x/pjJscQfbkuwI6a9uIRhzSA~k1zZ8KXr-kA8x6nACZOkptJeg79EIw

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