MNI China Daily Summary: Thursday, January 9

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Oil Products End of Day Summary: Cracks Regain Ground

OIL PRODUCTS
StoryEnergy BulletsCommodities

US gasoline and distillate cracks have found support during US hours to trade higher, likely supported by the fall in underlying WTI. Cracks have risen despite a large build in US product stocks. 

  • US gasoline crack up 0.3$/bbl at 11.11$/bbl
  • US ULSD crack up 0.3$/bbl at 25.36$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Jan 03: Gasoline stocks +6,330 vs Exp +591, Implied mogas demand +313, Distillate stocks +6,071 vs Exp +497, Implied dist demand -54, Ref Run rate +0.60 vs Exp -0.40
  • Valero has reported an unplanned flaring event at the 85k b/d Ultramar, Wilmington, California refinery, Reuters reported.
  • Nigeria’s Dangote refinery purchased 2m bbl of WTI crude from Chevron via a tender for Feb. loading, according to Bloomberg.
  • Russian diesel exports have been served a boost in January, supported by the end of seasonal refinery maintenance.
  • A fire at China's Sinopec Zhenhai refinery has been put out the company said. It broke out on one of the CDUs late on Tuesday.
  • China’s Teapots are likely to cut feedstock fuel oil imports further in 2024 due rising tax costs.
  • China expects an increase in the number of people travelling during the Lunar New Year, estimating a record 9 billion domestic trips, Reuters said.
  • Port of Fujairah oil product inventories rose 13% to 17.61m bbl in the week to January 6 according to FOIZ figures.
  • India’s refiners have been forced to seek alternate supplies, mainly from the Middle East, due to a shortage of Russian crude cargoes, Bloomberg said.
  • Asia’s SAF production costs closed higher month on month in December according to Platts.
  • MNI COMMODITY WEEKLY: U.S. Sanctions Fears Already Rattling Buyers: https://mni.marketnews.com/3WbEL19
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US gasoline and distillate cracks have found support during US hours to trade higher, likely supported by the fall in underlying WTI. Cracks have risen despite a large build in US product stocks. 

  • US gasoline crack up 0.3$/bbl at 11.11$/bbl
  • US ULSD crack up 0.3$/bbl at 25.36$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Jan 03: Gasoline stocks +6,330 vs Exp +591, Implied mogas demand +313, Distillate stocks +6,071 vs Exp +497, Implied dist demand -54, Ref Run rate +0.60 vs Exp -0.40
  • Valero has reported an unplanned flaring event at the 85k b/d Ultramar, Wilmington, California refinery, Reuters reported.
  • Nigeria’s Dangote refinery purchased 2m bbl of WTI crude from Chevron via a tender for Feb. loading, according to Bloomberg.
  • Russian diesel exports have been served a boost in January, supported by the end of seasonal refinery maintenance.
  • A fire at China's Sinopec Zhenhai refinery has been put out the company said. It broke out on one of the CDUs late on Tuesday.
  • China’s Teapots are likely to cut feedstock fuel oil imports further in 2024 due rising tax costs.
  • China expects an increase in the number of people travelling during the Lunar New Year, estimating a record 9 billion domestic trips, Reuters said.
  • Port of Fujairah oil product inventories rose 13% to 17.61m bbl in the week to January 6 according to FOIZ figures.
  • India’s refiners have been forced to seek alternate supplies, mainly from the Middle East, due to a shortage of Russian crude cargoes, Bloomberg said.
  • Asia’s SAF production costs closed higher month on month in December according to Platts.
  • MNI COMMODITY WEEKLY: U.S. Sanctions Fears Already Rattling Buyers: https://mni.marketnews.com/3WbEL19