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Oil Products End of Day Summary: Cracks Set for Gains

OIL PRODUCTS

Gasoline cracks are headed for US close trading higher, albeit relinquishing much of their earlier gains. Diesel cracks have shrugged off earlier losses to surge higher during US hours.

  • US gasoline crack up 0.2$/bbl at 21.49$/bbl
  • US ULSD crack up 0.6$/bbl at 45.08$/bbl
  • BP is planning to keep the 435kbpd Whiting, Indiana, refinery shut for three weeks for inspections of units and piping after a power outage shut the facility on 1 February, sources told Reuters.
  • The latest oil product stockpiles in independent storages in Europe's ARA oil-trading hub, according to Insights Global, Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,069, +121, Naphtha: 281, -23, Gasoil: 1,887, -71, Fuel Oil: 1,318, -79, Jet Fuel: 652, -54
  • European gasoline is bearish in the coming weeks according to a report from Kpler. The Dangote startup and delayed opening of transatlantic arbitrage is expected to weigh on regional margins.
  • Front month refinery margins in Europe and Asia rose by $1.70/bbl and $0.50/bbl in the past week respectively according to Onyx Flux.
  • Cooling at the FCC unit at Shell’s Pernis refinery has started late this morning according to WoodMac.
  • Diesel and jet-fuel cargoes from Oman’s 230kbpd are avoiding the Strait of Hormuz and other Red Sea shipping flash points amid ongoing Houthi rebel attacks, CEO David Bird said this week, cited by Bloomberg.
  • Russian refineries increased diesel supplies to the domestic market in February compared to the same month in 2022, according to the country’s deputy PM Alexander Novak.
  • Singapore’s distillate stocks fell 0.65% on the week to Feb 7 to 7.039m bbl, according to Reuters citing Enterprise Singapore data.
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