Oil Products End of Day Summary: Cracks Fall

Cracks have softened on the day amid signs of falling US gasoline demand last week and pressure on the oil complex from a decline in crude prices.

• US gasoline crack down 0.7$/bbl at 29.03$/bbl
• US ULSD crack down 0.8$/bbl at 28.14$/bbl
• US retail gasoline demand declined by 2.12% on the week to 8.740mbpd in the week to 6 April (Sun-Sat) according to GasBuddy.
• Exxon Mobil’s 523kbpd Baton Rouge, Louisiana, refinery is undergoing maintenance at one of the four crude units and the respective VDU until the end of next week, sources told Bloomberg.
• China is expected to issue its second batch of refined oil export quotas totalling 18m mt: OilChem.
• State-owned refiners in China will reduce processing volumes to 41.38m mt in April, according to OilChem, cited by Bloomberg.
• Russia’s 116kbpd Orsk oil refinery continues to ship fuel despite a halt in operations following flooding.
• Russian officials claim to have the competencies to carry out repairs on its oil refineries damaged by Ukrainian drone attacks.
• Russia has asked Kazakhstan to stand ready to provide 100k mt of gasoline in the event of shortage excacerbated by Ukrainian attacks on refineries.
• Russian diesel-type fuel exports averaged 0.9mbpd in the ten days to 3 April, compared with the five-year average of 1.01mbpd for this time of the year, Kpler data showed.
• Global implied jet fuel demand is set to decline by 1% in the week to April 15 to 6.45m b/d, according to BNEF.
• Global airline passenger capacity is set to rise 1.01% on the week to 112.04m seats in the seven days commencing April 8, according to OAG.