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Oil Products End of Day Summary: Diesel Cracks Climb

OIL PRODUCTS

US Diesel cracks have rebounded on the week, up around 9.6%, amid ongoing Russia refining disruption and a pause in the recovery in US utilisation rates. While demand remains weak, signs of stronger manufacturing output data could boost near-term gasoil consumption.

  • US ULSD crack up 0.7$/bbl at 29.63$/bbl
  • Gasoil APR 24 up 2.3% at 871.5$/mt
  • US 321 crack down 0$/bbl at 30.18$/bbl
  • US gasoline crack down 0.3$/bbl at 30.45$/bbl
  • Russian refinery runs have edged higher in early April as damaged refineries benefit from repairs after recent Ukrainian drone attacks.
  • TotalEnergies’ 219kbpd Donges refinery will restart a unit on Friday, the company said in a statement.
  • The reduction in Pemex’ crude oil export will be gradual as the firm is raising its refining capacity with the startup of the new 340kbpd Dos Bocas refinery, Mexican President Andrés Manuel López Obrador said Thursday, cited by Dow Jones.
  • Mexican presidential front-runner Claudia Sheinbaum plans to invest in state-owned Pemex’s refineries to reduce the volumes of low-value fuels and instead boost motor fuels, according to Reuters.
  • US air travel hit new record in March, and with it boosted jet fuel demand, according to BNEF.
  • US REFINERY MAINTENANCE SCHEDULE: See PDF for the latest refinery maintenance update for the US: https://roar-assets-auto.rbl.ms/files/60723/MNI%20US%20Refinery%20Maintenance%20Schedule%20.pdf
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