Oil Products End of Day Summary: Cracks Up on Week

Product cracks are headed for a net gain on the week, but have fallen sharply during US hours, tracking the trajectory of crude.

• US gasoline crack up 0.1$/bbl at 24.5$/bbl
• US ULSD crack down 0.2$/bbl at 25.96$/bbl
• Money managers have cut their bullish gasoil bets by 4,517 net-long positions to 95,247, Bloomberg said, citing ICE data.
• Seasonally adjusted gasoline demand is under pressure in H2 as elevated interest rates hit consumer spending, according to BNEF.
• After being hit by a range of refinery outages and delays at Dos Bocas, Mexico has returned back to imports of transportation fuels according to Vortexa figures.
• Exxon Mobil’s 131k b/d Fos-sur-Mer oil refinery in southern France is restarting an exchanger over the coming days, according to a notice to residents, cited by Bloomberg.
• Monthly shipments of diesel fuel from Russia’s Baltic port of Primorsk rose on a barrels per day basis in June, according to Bloomberg.
• China’s independent refiners in Shandong reduced run rates to the lowest since April 2022 at 50.52% of capacity in the week to July 5, according to OilChem cited by Bloomberg.
• Chinese state-owned refiners are ramping up processing levels after scheduled maintenance but at a slower pace than anticipated due to weak margins according to Rystad.
• India’s state-owned Indian Oil (IOC) plans to close some refineries in the coming months for maintenance to take advantage of a lean period according to Bloomberg sources.
• Phillips 66 356kbd Wood River refinery, Missouri, had a process upset on Thursday according to a regulatory filing.
• Russia has enough gasoline and diesel supply to fully satisfy demand in the high season according to the Energy Ministry.