Free Trial

OIL PRODUCTS: Oil Products End of Day Summary: Cracks Lose Ground

OIL PRODUCTS

US product cracks reversed earlier gains to lose ground today, with diesel dropping amidst an unexpected build in distillates and a large drop in implied demand. 

  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 07: Gasoline stocks -3,035 vs Exp +545, Implied mogas demand +248, Distillate stocks +135 vs Exp -1,478, Implied dist demand -914
  • The Dangote refinery’s utilisation rate should reach 65% by Q4, with Euro VI-grade gasoline production commencing in Q2, Kpler said.
  • Russian refinery runs seen close to last year’s level, or slightly above, Interfax reports, citing Deputy PM Alexander Novak.
  • Refinery runs could grow compared to 2024 given that early last year there were more incidents at Russian refineries than now, Novak said.
  • Oil petroleum production in Russia remains stable despite attacks and subsequent unscheduled repairs at a number of refineries in the country, Deputy PM Alexander Novak said, cited by Interfax.
  • Russia's 300kb/d Volgograd oil refinery gradually resumes processing to more than half of capacity after a halt in operations following a Ukrainian drone attack on February 3, according to Reuters sources.
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
  • MNI COMMODITY WEEKLY: https://enews.marketnews.com/ct/x/pjJsdgDexu4I6a1hIUt0Tw~k1zZ8KXr-kA8x67HDMemptIPjO1OcQ
195 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

US product cracks reversed earlier gains to lose ground today, with diesel dropping amidst an unexpected build in distillates and a large drop in implied demand. 

  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 07: Gasoline stocks -3,035 vs Exp +545, Implied mogas demand +248, Distillate stocks +135 vs Exp -1,478, Implied dist demand -914
  • The Dangote refinery’s utilisation rate should reach 65% by Q4, with Euro VI-grade gasoline production commencing in Q2, Kpler said.
  • Russian refinery runs seen close to last year’s level, or slightly above, Interfax reports, citing Deputy PM Alexander Novak.
  • Refinery runs could grow compared to 2024 given that early last year there were more incidents at Russian refineries than now, Novak said.
  • Oil petroleum production in Russia remains stable despite attacks and subsequent unscheduled repairs at a number of refineries in the country, Deputy PM Alexander Novak said, cited by Interfax.
  • Russia's 300kb/d Volgograd oil refinery gradually resumes processing to more than half of capacity after a halt in operations following a Ukrainian drone attack on February 3, according to Reuters sources.
  • Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
  • MNI COMMODITY WEEKLY: https://enews.marketnews.com/ct/x/pjJsdgDexu4I6a1hIUt0Tw~k1zZ8KXr-kA8x67HDMemptIPjO1OcQ