Oil Products End of Day Summary: Cracks Slide

Diesel and gasoline cracks have fallen today amid a fresh dip in implied demand and rising stocks, according to the updated weekly EIA data.

• US gasoline crack down 0.2$/bbl at 24.74$/bbl
• US ULSD crack down 0.4$/bbl at 22.53$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending May 31: Gasoline stocks +2,102 vs Exp +1,087, Implied mogas demand -202, Distillate stocks +3,197 vs Exp +1,578, Implied dist demand -428.
• The latest EIA weekly petroleum status report for the week to May 31 showed fresh weakness in the gasoline and distillates implied demand amid signs of a stall in the recent recovery.
• Retail gasoline and diesel prices rose 0.26% and 0.16% respectively in the week to June 3, according to Bloomberg citing Rosstat data.
• Monthly shipments of diesel type fuel from Russia’s Baltic Port of Primorsk in May fell on a b/d basis for the fourth consecutive month, according to Bloomberg.
• China’s diesel exports edged up in May but increasing domestic farming demand and soft export margins weigh on June exports according to Vortexa.
• China’s refined product production is projected to fall around 6% on the month in June amid poor refined oil demand and narrowing profit margins, OilChem said.
• Taiwan's Formosa Petrochemical intends to cut run rates at its crude distillation units by 40,000 bpd to 440,000 bpd in June, the company said on Wednesday.
• Indonesia's Pertamina Patra Niaga is seeking more jet fuel for prompt June delivery.
• Stockpiles of oil products from the UAE’s Port of Fujairah have hit a six-week high as of June 3, driven by slower demand for fuel oil, according to Fujairah Oil Industry Zone data cited by Platts.
• MNI COMMODITY WEEKLY: (Oil & Oil Products): here