May 30, 2024 18:12 GMT
Oil Products End of Day Summary: Cracks Weaken on Day
OIL PRODUCTS
Diesel and gasoline cracks have sunk today, with downside from EIA data showing surprise US stock builds and falling demand.
- US gasoline crack down 0.8$/bbl at 23.23$/bbl
- US ULSD crack down 1$/bbl at 22.72$/bbl
- EIA Weekly US Petroleum Summary - w/w change week ending May 24: Gasoline stocks +2,022 vs Exp -1,147, Implied mogas demand -167, Distillate stocks +2,544 vs Exp -100, Implied dist demand -88
- ARA oil product stockpiles according to Insights Global: Inventory type, weekly change (Kmt): Gasoline: 993, +88, Naphtha: 453, -48, Gasoil: 2,225, -61, Fuel Oil: 1,546, -138, Jet Fuel: 871, -30
- Work at Exxon Rotterdam could result in flaring in the coming days it said via X:
- Rosneft’s 240,000 bpd Tuapse based refinery may remain idle until mid-June despite being repaired following a recent drone attack on May 17 targeting its CDU according to Reuters sources.
- Nigeria’s 650k b/d Dangote refinery has exported its first jet fuel cargo to Europe, according to Platts.
- Crude storage capacity utilisation rates among Shandong Independent refineries are up 0.1 percentage points on the week at 43.9%, according to OilChem.
- China’s road congestion held steady in the week to May 29, according to BNEF. This puts it at around 138% of January 2021 levels, BNEF added.
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