Oil Products End of Day Summary: Cracks Fall

US gasoline and diesel cracks have furthered their fall during the day amid yesterday’s EIA data showing declines in demand on a four-week average basis.

• US gasoline crack down 0.8$/bbl at 31.09$/bbl
• US ULSD crack down 1.8$/bbl at 23.62$/bbl
• The Delek Big Spring refinery Texas reports reduced rates amid maintenance on a processing unit according to a Texas Commission on Environmental Quality filing.
• Bidders for Citgo's US refining assets have until 11 June to submit offers with a tentative sale hearing set for July 15. 805,000 bpd of refining capacity and associated assets are open for offer.
• Nigeria’s new 650k b/d Dangote refinery is slowly grinding into gear, with analysts and traders watching the ramp up closely, according to Bloomberg.
• Russian seaborne oil product exports averaged 1.81mbpd in the week ending 14 April, down by 560kbpd from the same period a month earlier, S&P tanker tracking data showed.
• Russian diesel exports averaged 0.74mbpd in the ten days until 13 April, down by around 23% from the 2019-2023 average, Kpler data showed.
• China’s oil products surplus is expected to widen to 52mn tons by 2025, from 47mn tons this year, CNPC’s researcher Li Ran said.
• Chinese diesel exports were at a one-year high last month. Chinese gasoline output in March increased by 6.5% year on year to 14.29mn tons.
• As Northeast Asia’s refinery maintenance ramps up this quarter, the regions implied refinery runs are expected to fall according to Vortexa.
• Lacklustre petrochemical demand in Europe has seen steam cracker feedstock margins for naphtha fall in April, according to Platts.