Oil Products End of Day Summary: Cracks Rebound

Product cracks have rebounded during US hours, as headlines of an imminent Iranian attack on Israel bolsters the whole oil complex. Diesel cracks had previously been trading lower.

• US gasoline crack up 0.5$/bbl at 30.75$/bbl
• US ULSD crack up 0.7$/bbl at 27.74$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Apr 05: Gasoline stocks +715 vs Exp -1,838, Implied mogas demand -624, Distillate stocks +1,659 vs Exp -977, Implied dist demand -510
• TotalEneries 238kbpd Port Arthur, Texas, refinery shut a distillate hydrotreater, Unit 855, after a unit upset on Monday according to a TCEQ report.
• Europe's 16 nations oil inventories rose by 33mbbl on the month to 1,015mbbl in March according to Euroilstock data.
• Russia’s Orsk refinery has declared force majeure on fuel supply from April 8 after recent flooding hit the facility according to Reuters reports.
• Lukoil’s damaged NORSI refinery in Russia expects to have its CDU-6 primary unit and catalytic cracker back in operation in Q2 following maintenance a source told Reuters.
• Lukoil plans to recommission the AVT-6 catalytic cracking units at the Nizhny Novgorod refinery in Q2, once spring maintenance has concluded, a Lukoil source told Interfax.
• The Kremlin is considering easing some of the rigorous fuel environmental standards and bringing lower-quality gasoline onto the market to stave off possible shortages, Reuters said.
• Russian Deputy PM Alexander Novak instructed Russian oil companies to maximize gasoline and diesel supplies to the domestic market.
• Russia’s retail diesel prices climbed by 0.15% to 65 roubles/l in the week to April 8, the highest since September 2022, according to Bloomberg citing Rosstat data.
• Turkey’s clean product exports have surged in 2024, sending much higher volumes into Northwest Europe according to Vortexa figures.