Oil Products End of Day Summary: Cracks Rise

Both US diesel and gasoline cracks are trading higher amid a late surge as US close approaches. Both products saw a build in stocks, with gasoline builds roughly in line with expectations.

• US gasoline crack up 0.4$/bbl at 17.29$/bbl
• US ULSD crack up 0.7$/bbl at 39.06$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Jan 12: Gasoline stocks +3,083 vs Exp +2,016. Implied mogas demand -56, Distillate stocks +2,370 vs Exp +1,020, Implied dist demand +213
• The latest oil product stockpiles in independent storage in Europe’s ARA region according to Insights Global. Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 875, +57, Naphtha: 265, -33, Gasoil: 1,843, -120, Fuel Oil: 1,379, -68, Jet Fuel: 752, -13
• GasBuddy models US gasoline demand at 8.29 million barrels per day for the week ending Jan. 13.
• The hydrocracker halted at Total Antwerp Thursday according to WoodMac.
• Singapore’s middle distillates inventories fell for the third consecutive week to 6.903mn barrels in the week through 17 January, down by 3% on the week, and the lowest level in over a year, data from Enterprise Singapore showed.
• Chinese gasoline exports in December declined by 59.9% year on year to 770k tons, while diesel exports plummeted by 76% year on year to 670k tons last month, General Administration of Customs data showed, cited by Bloomberg, likely because export quotas ran low toward the end of the year.