Oil Products End of Day Summary: Cracks Gain on Week

Cracks have held most of their gains during US hours although have softened from their intraday highs. Gasoline cracks are on track for a strong 21% rise since the start up the week, while diesel cracks are up by 3.5%.

• RBOB JAN 24 up 1.2% at 2.14$/gal
• US gasoline crack up 1$/bbl at 18.49$/bbl
• Gasoil JAN 24 up 1.5% at 763.5$/mt
• US ULSD crack up 1.5$/bbl at 38.65$/bbl
• The US exports to diesel are at a record rate as delays at the Panama Canal shut out markets in the Pacific, according to BNEF.
• China refinery throughput fell in November m/m as independent refiners cut rates against tight export quotas and weak margins.
• China’s refined oil export profits have moved into negative territory, according to OilChem, driven by declining Asian gasoline prices and rising US inventories.
• Valero’s St Charles refinery in Norco, Louisiana, plans a multi-unit turnaround in early February until early March according to Bloomberg sources.