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Oil Products End of Day Summary: Cracks Reverse Earlier Losses

OIL PRODUCTS

Diesel and gasoline cracks reversed earlier losses are headed for US close trading higher following robust gains during US hours. This was driven by a draw in stocks and rising demand in the latest EIA data.

  • US gasoline crack up 0.7$/bbl at 28.96$/bbl
  • US ULSD crack up 0.6$/bbl at 34.94$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 16: Gasoline stocks -293 vs Exp -2,877, Implied mogas demand +32, Distillate stocks -4,008 vs Exp -1,532, Implied dist demand +426
  • Oil product stockpiles in independent storage in Europe's ARA oil-trading hub, according to Insights Global: Gasoline: 1,205, -42, Naphtha: 365, +2, Gasoil: 1,926, -24, Fuel Oil: 1,472, +30, Jet Fuel: 727, +63
  • The Biden Administration confirmed Feb. 22 that it approved a request to allow expanded sales of gasoline with higher ethanol contents, confirming reports earlier in the week, Reuters said.
  • TotalEnergies’ 238kbpd Port Arthur refinery is operating at minimal production amid multiple upsets in units on Wednesday.
  • BP is planning to restart its 435kbpd Whiting, Indiana, refinery at full production in March.
  • Consistently high clean product exports from PADD 3 has been good news for European countries who imported a five year high of diesel from PADD 3 in 2023 according to Vortexa
  • India’s state-run refiners are facing headwinds as Russian oil becomes more expensive and less accessible, according to Bloomberg.
  • Gasoil and diesel imports to WAF are on track to slide to a 16-month low in February as rising prices weigh on demand, according to Argus.
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