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Oil Products End of Day Summary: Cracks Plunge

OIL PRODUCTS

US diesel cracks are hovering at their lowest level since late December, while gasoline cracks are at their lowest since October. Weakness in seasonal demand for both products is driving cracks down.

  • US gasoline crack down -0.3$/bbl at 17.79$/bbl
  • US ULSD crack down -2.3$/bbl at 36.94$/bbl
  • The Russian oil products market is balanced according to Energy Minister Nikolai Shulginov.
  • Russian oil refining has declined by around 7% since the start of the year, Russian Energy Minister Nikolai Shulginov said, cited by Reuters.
  • Russia is weighing plans to make it easier to deploy military-grade defences at oil refineries amid disruption from Ukrainian drone attacks, Bloomberg said.
  • Poland’s government would be in favor of Orlen SA taking over the stake in Germany’s Schwedt refinery, if Berlin decides to remove Rosneft’s stake in the facility, Poland’s the deputy climate minister, Milosz Motyka, told Bloomberg.
  • The Biden administration will approve a request from several Midwest states to allow year-round sales of gasoline containing 15% ethanol, according to Reuters.
  • Singapore fuel oil floating storage is essentially unchanged (+1% w/w) in the latest figures according to Vortexa.
  • Weather disruptions at the UAE’s Fujairah hub have slowed downstream refueling operations and reloadings of bunker barges, traders told S&P Commodity Insights.
  • See PDF for the latest refinery maintenance update for Europe: https://roar-assets-auto.rbl.ms/files/60055/MNI%20EU%20Refinery%20Maintenace%20Schedule%20.pdf
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US diesel cracks are hovering at their lowest level since late December, while gasoline cracks are at their lowest since October. Weakness in seasonal demand for both products is driving cracks down.

  • US gasoline crack down -0.3$/bbl at 17.79$/bbl
  • US ULSD crack down -2.3$/bbl at 36.94$/bbl
  • The Russian oil products market is balanced according to Energy Minister Nikolai Shulginov.
  • Russian oil refining has declined by around 7% since the start of the year, Russian Energy Minister Nikolai Shulginov said, cited by Reuters.
  • Russia is weighing plans to make it easier to deploy military-grade defences at oil refineries amid disruption from Ukrainian drone attacks, Bloomberg said.
  • Poland’s government would be in favor of Orlen SA taking over the stake in Germany’s Schwedt refinery, if Berlin decides to remove Rosneft’s stake in the facility, Poland’s the deputy climate minister, Milosz Motyka, told Bloomberg.
  • The Biden administration will approve a request from several Midwest states to allow year-round sales of gasoline containing 15% ethanol, according to Reuters.
  • Singapore fuel oil floating storage is essentially unchanged (+1% w/w) in the latest figures according to Vortexa.
  • Weather disruptions at the UAE’s Fujairah hub have slowed downstream refueling operations and reloadings of bunker barges, traders told S&P Commodity Insights.
  • See PDF for the latest refinery maintenance update for Europe: https://roar-assets-auto.rbl.ms/files/60055/MNI%20EU%20Refinery%20Maintenace%20Schedule%20.pdf