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Oil Products End of Day Summary: Cracks Slide

OIL PRODUCTS

Gasoline cracks are trading lower today, as yesterday’s build in stocks maintains pressure on the complex. Diesel cracks have eased back to be trading lower, reversing its surge during the European afternoon session.

  • RBOB JAN 24 down -2.1% at 2.15$/gal
  • US gasoline crack down -1.1$/bbl at 17.14$/bbl
  • Gasoil JAN 24 down -1.5% at 785.75$/mt
  • US ULSD crack down -0.2$/bbl at 38.22$/bbl
  • ARA oil product stockpiles according to Insights Global - Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 983, -70; Naphtha: 265, -20; Gasoil: 1,749, -39; Fuel Oil: 1,232, +27; Jet Fuel: 714, -14
  • Nigeria’s Port Harcourt oil refinery is set to restart next month according to Bloomberg reports with an initial capacity of 60,000 bpd.
  • CDU capacity utilisation rates at Shandong’s independent refineries averaged 56.99% in the week to Dec. 21, according to OilChem.
  • Asia’s naphtha market is likely to stay under pressure in 2024 amid squeezed olefin margins, although some support should come from gasoline demand, Platts said.

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