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OIL PRODUCTS: Oil Products End of Day Summary: Cracks Slide

OIL PRODUCTS
BulletEnergy BulletsCommodities

Cracks are down on the day despite higher-than-expected stock declines, owing to demand concerns amidst increased trade protectionism.

  • US gasoline crack down 0.7$/bbl at 23.45$/bbl
  • US ULSD crack down 0.1$/bbl at 27.9$/bbl
  • Gasoline stocks fell by 1.4mbbl with an increase in production and imports offset by higher weekly implied demand. The four week average implied gasoline demand ticked higher and now close to five year average seasonal levels.
  • Distillates stocks unexpectedly drew by 1.3mbbl with a drop in production, lower imports and higher exports more than offsetting a dip in weekly implied demand. The four week average implied demand continue the recent fall back towards normal levels after the spike higher seen in early Feb.
  • US East Coast refinery utilization rates hit lowest since July 2020, EIA says: Reuters
  • Planned turnaround ongoing at Phillips 66's 258,500 b/d Bayway refinery, IIR says:
  • The Transportation Department reported Wednesday that travel on U.S. roads in 2024 rose 1% to 3.28 trillion miles, a new yearly record and topping pre-COVID 19 levels for the first time.
  • The US fuel oil market has experienced immediate shifts following the March 4 implementation of President Trump's tariffs on energy imports from Mexico and Canada, Platts said.
  • Port of Fujairah oil product stocks fell 7.6% in the week ended March 3 to 18.88 mn bbls – the lowest in a month according to FOIZ data.
  • China wants its refiners to produce less fuel and more petrochemical products as EV uptake alters consumption of diesel and gasoline, Bloomberg reports.
  • US tariffs on Canada and Mexico is bullish for gasoline and diesel, but bearish for HSFO and, Platts said.
  • Russian oil product exports remain resilient, with volumes climbing to the highest in a year in February, Vortexa said.
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Cracks are down on the day despite higher-than-expected stock declines, owing to demand concerns amidst increased trade protectionism.

  • US gasoline crack down 0.7$/bbl at 23.45$/bbl
  • US ULSD crack down 0.1$/bbl at 27.9$/bbl
  • Gasoline stocks fell by 1.4mbbl with an increase in production and imports offset by higher weekly implied demand. The four week average implied gasoline demand ticked higher and now close to five year average seasonal levels.
  • Distillates stocks unexpectedly drew by 1.3mbbl with a drop in production, lower imports and higher exports more than offsetting a dip in weekly implied demand. The four week average implied demand continue the recent fall back towards normal levels after the spike higher seen in early Feb.
  • US East Coast refinery utilization rates hit lowest since July 2020, EIA says: Reuters
  • Planned turnaround ongoing at Phillips 66's 258,500 b/d Bayway refinery, IIR says:
  • The Transportation Department reported Wednesday that travel on U.S. roads in 2024 rose 1% to 3.28 trillion miles, a new yearly record and topping pre-COVID 19 levels for the first time.
  • The US fuel oil market has experienced immediate shifts following the March 4 implementation of President Trump's tariffs on energy imports from Mexico and Canada, Platts said.
  • Port of Fujairah oil product stocks fell 7.6% in the week ended March 3 to 18.88 mn bbls – the lowest in a month according to FOIZ data.
  • China wants its refiners to produce less fuel and more petrochemical products as EV uptake alters consumption of diesel and gasoline, Bloomberg reports.
  • US tariffs on Canada and Mexico is bullish for gasoline and diesel, but bearish for HSFO and, Platts said.
  • Russian oil product exports remain resilient, with volumes climbing to the highest in a year in February, Vortexa said.