Oil Products End of Day Summary: Cracks Ease Back

Diesel and gasoline cracks have lost ground today. Gasoline is likely under pressure from signs of falling US demand after passing peak summer demand.

• US gasoline crack down 1.1$/bbl at 22.63$/bbl
• US ULSD crack down 0.2$/bbl at 21.17$/bbl
• GasBuddy models U.S. gasoline demand in the latest weekly data (Sun-Sat) to Aug. 10 at 8.94m b/d. The figure is down 3.8% on the week.
• US Gasoline inventories are expected to have fallen by 1.1m bbl, according to an Reuters survey. Responses ranged from -2.0bbl to -0.5m bbl.
• Distillate inventories, mainly diesel, are seen with a fall of 1.8m bbl, according to an Reuters survey. Responses ranged from -2.0m bbl to +1.0m bbl.
• ExxonMobil’s 251,800 bpd refinery in Illinois reported a unit upset on Aug 10 according to an Illinois Emergency Management Agency filing cited by Reuters.
• Nigerian refineries including the Dangote refinery have increased H2 2024 requirements for domestic crude to 597.7kbpd from 483kbpd in H1, according to national oil regulator.
• Feedstock arrivals at independent refineries in Shandong were flat on the month at around 9.03m mt, OilChem said.
• CDU capacity utilisation rates at China’s state-owned refineries are expected to stabilise in the week to Aug. 15, according to OilChem, with no new overhaul or production changes.
• Global airline passenger capacity is set to decline to 122.63m seats in the seven days commencing from Aug. 12, OAG said.