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Oil Products End of Day Summary: Cracks Fall on Week

OIL PRODUCTS
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Gasoline and diesel cracks are set for both an on-the-week and on-the-day decline as demand remains below the seasonal five-year average. Steadier supplies will add downside, despite indications of improving demand.

  • US gasoline crack down 0.1$/bbl at 26.3$/bbl
  • US ULSD crack down 0.7$/bbl at 24.48$/bbl
  • This upcoming Memorial Day Weekend marks the start of the US summer driving season against a backdrop of growing but seasonally sluggish demand. AAA predicts record travel but factors like higher efficiency, electric cars and shorter journeys are denting consumption.
  • The Biden administration’s move to liquidate 1m bbl of gasoline from storage in the Northeast is unlikely to have a substantial effect on pump prices during peak driving season, market analysts told CNBC.
  • The Colonial pipeline, the largest refined fuel pipeline in the U.S., conducted maintenance on Thursday – temporarily halting supplies it said.
  • Nigeria’s 650k b/d Dangote refinery will start exporting European spec diesel, along with gasoline sales in June, according to Argus.
  • The onset of naphtha exports from Nigeria’s new 650k b/d Dangote refinery will further pressure an already weak Asian naphtha market, according to Platts oil podcast.
  • Russia’s offline primary capacity was revised higher to 12% for May at 3.392 million metric tons according to Reuters calculations based on industry sources.
  • Eneos Group, Japan’s biggest refiner, shut its 172,000 bpd CDU 2 at its Kawasaki refinery and the 136,000 CDU at its Oita refinery May 13 for scheduled maintenance.
  • Japan's Maruzen Petrochemical shut a 525,000 metric ton per year cracker in Chiba on May 15 with a projected turnaround of about two months the company said Friday.
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Gasoline and diesel cracks are set for both an on-the-week and on-the-day decline as demand remains below the seasonal five-year average. Steadier supplies will add downside, despite indications of improving demand.

  • US gasoline crack down 0.1$/bbl at 26.3$/bbl
  • US ULSD crack down 0.7$/bbl at 24.48$/bbl
  • This upcoming Memorial Day Weekend marks the start of the US summer driving season against a backdrop of growing but seasonally sluggish demand. AAA predicts record travel but factors like higher efficiency, electric cars and shorter journeys are denting consumption.
  • The Biden administration’s move to liquidate 1m bbl of gasoline from storage in the Northeast is unlikely to have a substantial effect on pump prices during peak driving season, market analysts told CNBC.
  • The Colonial pipeline, the largest refined fuel pipeline in the U.S., conducted maintenance on Thursday – temporarily halting supplies it said.
  • Nigeria’s 650k b/d Dangote refinery will start exporting European spec diesel, along with gasoline sales in June, according to Argus.
  • The onset of naphtha exports from Nigeria’s new 650k b/d Dangote refinery will further pressure an already weak Asian naphtha market, according to Platts oil podcast.
  • Russia’s offline primary capacity was revised higher to 12% for May at 3.392 million metric tons according to Reuters calculations based on industry sources.
  • Eneos Group, Japan’s biggest refiner, shut its 172,000 bpd CDU 2 at its Kawasaki refinery and the 136,000 CDU at its Oita refinery May 13 for scheduled maintenance.
  • Japan's Maruzen Petrochemical shut a 525,000 metric ton per year cracker in Chiba on May 15 with a projected turnaround of about two months the company said Friday.