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Oil Products End of Day Summary: Cracks Mixed

OIL PRODUCTS

Diesel cracks have lost further ground today amid seasonally weak demand levels. Gasoline has seen some uptick today, moderating some of the heavy losses yesterday.

  • US gasoline crack up 1$/bbl at 30.08$/bbl
  • US ULSD crack down 0.4$/bbl at 23.61$/bbl
  • ARA oil product stockpiles according to Insights Global:
  • Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,022, -34, Naphtha: 585, +38, Gasoil: 2,248, +72, Fuel Oil: 1,574, -33, Jet Fuel: 830, -18.
  • Weekly inventories held in independent storage in Europe’s ARA trading hub hit their second highest level on record, according to Bloomberg, citing Insights Global.
  • Implied gasoline demand in the US continues to slide, breaking the typical trend of seasonal growth as the summer driving season nears.
  • PBF Energy’s 190kbd Chalmette refinery in Louisiana completed repairs on its sole FCC and is preparing the unit for restart according to Bloomberg sources late on Wednesday.
  • High-sulfur fuel oil margins in Asia this week rallied to the narrowest since August amid tightening fuel supplies and increasing demand.
  • Singapore distillate stockpiles fell 6% w/w for the week ended May 1, the lowest figure since mid-November.
  • Chinese tourists have taken overseas trips at ~7% below pre-pandemic levels for the May Labor Day holiday April 27-May 5 according to ForwardKeys.
  • Nigeria is running short of fuel due to logjams that have taken tiny shuttle tankers out of action, the Major Energy Marketers Association of Nigeria said, cited by Bloomberg.
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