Oil Products End of Day Summary: Cracks Drop

Diesel and gasoline cracks spreads have been edging lower throughout the day, as stock levels continue to be robust. A slightly larger than expected US inventory will maintain pressure on product prices.

• US gasoline crack down -0.2$/bbl at 18.27$/bbl
• US ULSD crack down -1.9$/bbl at 38.8$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Dec 15: Gasoline stocks +2,710 vs Exp +877, Implied mogas demand -105, Distillate stocks +1,485 vs Exp +397, Implied dist demand +53
• USGC refiners have cut gasoline export prices to their lowest since Feb. 2021 amid shipping restrictions at the Panama Canal, according to Reuters.
• US gasoline pump prices saw their biggest daily jump in over four months, echoing the gains in the wider crude complex, as the market prepares for a demand jump over Christmas and New Year, Bloomberg reported.
• Nigeria’s 650kbpd Dangote oil refinery has received an 1mn barrels crude oil shipments from Shell, its second crude oil shipment this month, a company spokesperson said, cited by Reuters.
• Chinese fuel oil imports in November fell by 33% on the month to 1.21mn tons, General Administration of Customs data showed.