May 20, 2024 18:20 GMT
Oil Products End of Day Summary: Cracks Soften
OIL PRODUCTS
Diesel and gasoline cracks are softening today, reversing some of last week’s gains. Refineries returning from maintenance are likely to boost supply, while Russia has suspended its gasoline export ban.
- US gasoline crack down 1$/bbl at 27.23$/bbl
- US ULSD crack down 0.1$/bbl at 24.44$/bbl
- Exxon Mobil has restarted an FCC and a hydrogen plant at its Beaumont refinery, Texas, according to Bloomberg.
- Exxon Mobil’s 250,000 bpd Joliet refinery in Illinois reported a fire on Saturday according to a regulatory filing.
- Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico signals further delays according to Reuters reports.
- Six Ukrainian drones struck the Russian Slavyansk refinery facility on Sunday – halting operations according to RBC reports Monday.
- Rosneft's 240kbpd Tuapse oil refinery resumed operations on May 19 according to Reuters sources after an emergency shutdown on May 17 due to drone strikes.
- Russia’s Lukoil restarted a key production unit at its Volgograd refinery last week, sources told Reuters.
- Russia has temporarily lifted the ban on gasoline exports for fuel producers until June 30, according to TASS.
- NW European E5 gasoline barges have fallen so far in May due to a relative scarcity of export opportunities: Energy Aspects.
- Offline capacity at U.S. oil refiners is expected to fall to 122kbpd in the week ending May 24, according to IIR Energy cited by Reuters.
- China’s gasoline exports in April slipped to the lowest level since July 2015 according to customs figures on firmer domestic demand, while fuel oil imports rose to 2.93m mt, the highest since at least 2020.
- Refinery runs in Asia runs, excluding China, are expected to fall by 300kb/d in Q2 from Q1 to 15.7mb/d through July, according to FGE on May 17 via Bloomberg.
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