Oil Products End of Day Summary: Cracks Tumble

Gasoline and diesel cracks fell to new intra-day lows during US hours. Soft near-term demand and signs of refinery ramp-ups following maintenance have weighed on cracks.

• US gasoline crack down -1.7$/bbl at 28.2$/bbl
• US ULSD crack down -1.1$/bbl at 31.29$/bbl
• The Reserve Bank of India has asked state owned refiners to push for at least 10% of oil payments to Persian Gulf suppliers in rupees in the next financial year according to Bloomberg.
• Spain’s Bilbao oil refinery is to shut down crude unit 2 on the afternoon of Tuesday 5 March according to a notice from operator Petronor.
• Repsol’s 135kb/d Puertollano refinery in Spain is undergoing at overhaul lasting 60 days which started on Monday Mar. 4.
• HPCL shut the 3mn tons CDU at the 9.5mn tons Mumbai refinery last week for scheduled maintenance for the duration of 45 days until mid-April according to company executives.
• India’s state-run HPCL plans to start operating the new 180kb/d Barmer refinery in Rajasthan by the end of December and reach full capacity in about a year's time according to head of refineries S Bharatan.
• In 2024, Mexico’s Pemex is likely to see its refining infrastructure exceed 1m b/d of crude processing for the first time in nine years, according to Argus.