Oil Products End of Day Summary: Cracks Mixed

Product cracks are mixed today. Gasoline cracks are finding marginal gains while diesel cracks are extending recent losses.

• US gasoline crack up 0$/bbl at 23.05$/bbl
• US ULSD crack down 0.5$/bbl at 23.09$/bbl
• ARA oil product stockpiles according to Insights Global: Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,057, -52, Naphtha: 484, +22, Gasoil: 2,158, -26, Fuel Oil: 1,403, -19, Jet Fuel: 1,018, -4.
• Deliveries of low-sulphur gasoil for July fell to 975 lots, or 97.5k mt at expiry, the lowest since February, according to Reuters.
• Another week of +9mn bpd gasoline product supplied in the EIA report was bullish for July 4 holiday travel, but GasBuddy and OPIS data has suggested underlying weakness this summer driving season.
• Mexico’s long delayed Dos Bocas refinery is producing gasoline blendstock for the first time according to a document seen by Bloomberg.
• Delta Air Lines’ Monroe Trainer refinery in Pennsylvanian purchased a cargo of Nigerian Otakikpo crude, the first time for a US refiner, Bloomberg said.
• Nigeria’s new 650k b/d Dangote mega-refinery is buying ever more US crude, according to Bloomberg.
• ExxonMobil’s 270,000bpd Fawley refinery in the UK is restarting equipment after a process interruption according to the company on X.
• India’s state refiners are making joint negotiations for a long-term oil import deal from Russian suppliers according to a government source speaking with Reuters.
• Onshore fuel oil stockpiles at key trading hub of Singapore fell to a six-week low, after imports more than halved on the week, Reuters said.
• The CDU operating rate at China’s state-owned refineries is expected to rebound in July, while yields will break several records, OilChem said.