December 23, 2024 19:14 GMT
OIL PRODUCTS: Oil Products End of Day Summary: Diesel Crack Slips
OIL PRODUCTS
US gasoline cracks are headed for gains today, although diesel cracks have slipped back into marginal losses amid continued lacklustre demand.
- US gasoline crack down 0$/bbl at 12.34$/bbl
- US ULSD crack down 0.1$/bbl at 24.53$/bbl
- Initial Reuters survey of EIA storage change: distillates: -1.1m bbl, gasoline -2.7m bbl.
- Around 400k b/d of European refinery capacity is expected to close permanently in 2025, although a boost for the margins is likely to be short-term, Argus said.
- CDU capacity utilisation rates at China’s state-owned refineries are expected to rise in the week to Dec. 26, according to OilChem,
- The Asian HSFO market in 2025 is likely to face tailwinds in 2025, amid increased scrubber-installed ships, Platts said.
- The Asian LSFO market is expected to face oversupply in 2025 due to increased regional supplies and imports from Europe, the Middle East, and WAF, Platts said.
- KSA was the top destination for Russian sea-borne fuel oil and VGO exports in November, according to Reuters.
- The Asian naphtha market is expected to remain under pressure in 2025 due to poor downstream margins and new capacities in China, Platts said.
- Global airline passenger capacity in December 2024 will reach 487.8m seats, up 4.7% on the year, OAG said.
- Total air passenger transport turnover in China in November was up 20.5% year on year at, according to CAAC data.
- Cathay Pacific's passenger traffic was largely stable in November at 2.01m passengers, down 0.18% on the month, Platts said.
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