Oil Products End of Day Summary: Cracks Fall on Week

Both gasoline and diesel cracks are headed for falls of around 12% and 19% respectively since the start of the week. EIA data earlier this week showing weaker seasonal demand has added downside.

• US gasoline crack down -0.2$/bbl at 18.82$/bbl
• US ULSD crack down -2$/bbl at 38.2$/bbl
• Russian fuel oil tankers continue to sail via the Bab El-Mandeb strait in the Red Sea to Asia, according to Vortexa.
• Russian January fuel oil supplies by rail declined by 1.2% on the year and by 6.2% on the month.
• Motiva Enterprises has delayed the restart of the large coker at its 626,000 bpd Port Arthur, Texas refinery for at least a week according to Reuters sources.
• TotalEnergies completed the restart of the crude distillation and gasoline making units at its 238k bpd port Arthur, Texas refinery on Thursday according to Reuters sources.
• The Teamsters’ union said Feb. 16 that it wants to negotiate a new contract with Marathon Petroleum for its members at the Detroit refinery without going on strike.
• Russian daily crude oil processing rates declined by 4% in the first two weeks of February to 0.711mn tons per day compared with levels seen in the first half of January, sources told Reuters.
• Kazakhstan’s refineries are ready to produce 55k mt of Jet A-1 fuel instead of TS-1, the Energy Ministry said.
• See PDF for the latest refinery maintenance update for the US: https://roar-assets-auto.rbl.ms/files/60008/MNI%20US%20Refinery%20Maintenance%20Schedule%20.pdf