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Oil Products End of Day Summary: Cracks Slide

OIL PRODUCTS
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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
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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