Oil Products End of Day Summary: Cracks Find Support

Gasoline cracks are set for gains on the day, as improving US demand adds support even as crude falls. US retail gasoline demand saw a rise of 0.8% for the week ending June 22 to 8.875mb/d, GasBuddy said.

• US ULSD crack up 0.2$/bbl at 25.22$/bbl
• US gasoline crack up 0.8$/bbl at 23.93$/bbl
• ULSD JUL 24 down 0.4% at 2.51$/gal
• RBOB JUL 24 up 0.1% at 2.51$/gal
• Planned oil product exports from refiners and suppliers in China are set to fall to 3.19m mt in July from 3.72m tons in June, according to OilChem,
• CDU capacity utilisation rates at China’s state-owned refineries are expected to rebound in the week to June 27 according to OilChem
• Mexico’s Pemex imported 11% more gasoline in May than the month prior, a further indication of AMLO’s lack of ability to reduce his countries reliance on imports.
• Oil processing at Mexico’s Pemex domestic refineries were reduced again in May to 51.8% as the impact of the Minatitlan refinery fire in April lingers.
• Citgo’s Corpus Christi West refinery said planned startup activities at its plant are ongoing on a filing June 24.
• Exxon Mobil has reported an unpanned halt on an unnamed unit at its Fos refinery in France.
• Exxon Mobil says it may have to halt its Gravechon refinery in northern France if strike action continues.
• India and China were the top destinations for Russian seaborne fuel oil and VGO in May according to LSEG figures.
• Japanese refiner Idemitsu Kosan shut the 150kbd CDU at its Hokkaido refinery in northern Japan on June 22 for scheduled maintenance.
• Global jet fuel demand in the week commencing June 25 is set to rise by 1.4% to 6.95m b/d, according to BNEF.