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Oil Products End of Day Summary: Cracks Fall

OIL PRODUCTS

Product cracks are ending the day trading lower, with gasoline cracks erasing yesterday’s gains and diesel cracks continuing a downward trend seen since peaking on March 18.

  • US gasoline crack up 0.1$/bbl at 32.98$/bbl
  • US ULSD crack down -0.7$/bbl at 30.09$/bbl
  • Oil product stockpiles in ARA according to Insights Global: Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,242, +8, Naphtha: 477, +97, Gasoil: 2,046, -60, Fuel Oil: 1,513, +6, Jet Fuel: 769, -6
  • TotalEnergies shut the 220kbpd CDU and 97kbpd VDU at the 219kbpd Donges refinery in France on 20 March, according to WoodMac.
  • Industrial action in Finland reduced exports from the country’s terminals and could further cut supply to filling stations if they continue, Neste said.
  • A record volume of Russian fuel oil is set to reach Asia in March to countries including China, India and Singapore, according to preliminary data from Kpler.
  • The prompt diesel time spread in Asia has fallen to the narrowest backwardation since last June amid strong China and South Korea supplies to the region according to Bloomberg.
  • Shipping disruptions due to attacks by Houthi rebels in the Red Sea have boosted fuel demand amid longer voyage times, according to Vitol, cited by Argus.
  • The utilisation of tankers carrying Russian fuel oil has declined compared to highs in Q2 2023 according to Vortexa.
  • European oil refinery output increased 0.7% month on month in February to 9.785mb/d according to Euroilstock data.
  • Suezmax tanker Aquahonor is anchored of Lagos and set to deliver crude to the new 650k b/d Dangote refinery, according to Bloomberg.
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