Oil Products End of Day Summary: Diesel Crack Up on Week

Diesel cracks reversed their earlier gains during US trading hours, continuing their fall yesterday. However, diesel cracks are headed for a net gain of around 8% since the start of the week. The larger US oil product inventory draws reported by the EIA Wednesday have provided support.

• US ULSD crack down -1.3$/bbl at 41.26$/bbl
• Gasoil DEC 23 up 1.3% at 802.5$/mt
• US gasoline crack up 0.8$/bbl at 16.27$/bbl
• RBOB DEC 23 up 4.2% at 2.19$/gal
• The Russian government will lift the ban on gasoline exports from 17 November as supplies in the domestic market have improved, the Russian Energy Ministry said in a Telegram post, cited by Bloomberg.
• Russian gasoline stockpiles are around 2m tons, the ministry said.
• China’s state-owned refinery run rates increased for the first time in six weeks according to Bloomberg based on OilChem data. State-owned refinery runs rose to 76.84% of capacity in the week to 17 Nov after falling to the lowest since May last week.
• KIPIC’s CEO said Thursday its mega 615,000 bpd Al Zour refinery was working to restore full operations within 10 days after an unexpected shutdown last week due to a malfunctioning gas leak.
• Marathon Petroleum restarted a rebuilt reformer at its 593kbpd Galveston Bay Refinery in Texas on Thursday and plans to resume production Friday, people familiar with plant operations told Reuters.
• US jet fuel demand has jumped by over 10% in the last two weeks to be 200k b/d higher than the same period in 2022, according to BNEF.
• Commercial tank farm operators in the Mediterranean said that diesel demand in the region remains high, preventing a build in long term storage, according to Argus.