Oil Products End of Day Summary: Cracks Fall

US gasoline and diesel cracks have fallen on the week, with diesel cracks down around 12.5%, and gasoline down 4%. Diesel cracks are hovering around a one-year low amid tepid demand, continuing a downtrend that began in early February.

• US gasoline crack down 0.3$/bbl at 30.78$/bbl
• US ULSD crack down 0$/bbl at 23.87$/bbl
• The prompt Gasoil spread has this week fallen into contango for the first time since May 2023.
• The Biden Administration is using emergency powers to allow widespread sales of E15 gasoline this summer – the same thing it has done the last two years to try and keep a lid on rising prices.
• The US is aiming to keep gasoline prices in current ranges into this summer driving season according to President Biden’s top economic aide.
• Phillips 66 reported an FCC emissions upset at its 149,000 bpd Borger Texas refinery on April 18 due to a process malfunction.
• China’s state and independent refiners cut run rates in the week to April 18 to 77.82%, the lowest level since February 29, according to OilChem.
• Asian refiners are assessing the impact of higher freight and maritime insurance fees amid continued tension in the Middle East, according to Platts.
• Russia’s 120k b/d Orsk refinery has begun preparations for resuming normal operations after flooding, according to Interfax.
• While global air traffic is now exceeding pre-pandemic levels, demand growth for jet fuel has not caught up due to more efficient aircraft, according to Reuters.
• US REFINERY MAINTENANCE SCHEDULE: See PDF for the latest refinery maintenance update for the US: See Pdfhere