Oil Products End of Day Summary: Cracks Slide

US diesel and gasoline cracks have fallen during the day. Pressure comes from below-average diesel demand and a decline in weekly gasoline demand.

• US gasoline crack down 0.7$/bbl at 31.34$/bbl
• US ULSD crack down 1.4$/bbl at 25.81$/bbl
• The Biden administration will likely need to tap oil from the country’s emergency reserve to counter a spike in gasoline prices during summer driving season, Macquarie said, cited by Bloomberg.
• US retail gasoline demand declined by 0.7% in the week ending 13 April (Sun-Sat) to 8.690mbpd according to GasBuddy.
• Valero’s 195kb/d Memphis refinery plans to shut its 80kb/d West Crude Unit on April 15 for maintenance until at least the second week in May, according to Bloomberg sources.
• PBF Energy expects to complete turnarounds on several units at its 180kb/d Toledo refinery, Ohio, by the middle of this week, according to Bloomberg sources.
• Russian idled refining capacity has been reduced to 10% compared with 14% at the end of March, as Russia ramps up repairs following Ukraine’s attacks on the country’s refineries according to Reuters.
• Russian crude processing rates were at 5.24mbpd during 4-10 April, down by 19kbpd compared with the first three days of April, sources told Bloomberg.
• Russian seaborne oil products exports declined by 4.2% month on month in March to 10.178mn tons.
• CDU capacity utilisation rates at China’s state-owned refineries are expected to continue falling in the week to April 18, according to OilChem.
• Global implied jet fuel demand is set to remain unchanged in the week to April 22 at around 6.45m b/d, according to BNEF.