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Oil Products End of Day Summary: Cracks Find Support

OIL PRODUCTS

Diesel and gasoline crack have found support, boosted by rising demand and talk of further US refinery maintenance. The US is set to have a second, smaller refinery maintenance period peak in April.

  • US gasoline crack up 1.2$/bbl at 29.86$/bbl
  • US ULSD crack up 1.5$/bbl at 36$/bbl
  • Fully or partially electric vehicles are expected to result in a cumulative loss of 0.9mb/d in global gasoline demand by 2030 according to a JP Morgan note.
  • European imports of US diesel so far this month declined to 6.65mn barrels, down from11.44mn barrels, Kpler data showed, weighed on by lower US refining activity amid refinery outages and disruptions to global trade in recent weeks.
  • US gasoline demand saw an increase of 2.2% for the week ending February 25 (Sun-Sat) to 8.572mbpd according to GasBuddy.
  • China's bonded bunker fuel sales volume totalled 1.85 million tonnes in January according to OilChem, up 15% m/m, and 13% y/y, propped up by a surge in the domestic LSFO production, higher international shipping demand and falling oil prices.
  • Global airline passenger capacity for the week commencing Feb. 26 is set to fall by 0.58% to 106.64m seats, according to OAG.
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