Oil Products End of Day Summary: Diesel Cracks Down

Diesel crack spreads are edging lower again today after the pull back yesterday driven by limited disruption from hurricane Idalia and the fire last week at the Garyville refinery. The front month US diesel crack has fallen from a high of about 58$/bbl on 25 Aug back to levels last seen in mid Aug of 46.2$/bbl according to Bloomberg data.

• US ULSD crack down -0.7$/bbl at 46.46$/bbl
• Gasoil SEP 23 up 0.2% at 896.5$/mt
• Gasoil SEP 23-OCT 23 down -1.5$/mt at 12$/mt
• Gasoil DEC 23-DEC 24 down -10.75$/mt at 77.5$/mt
• US gasoline crack down -1.1$/bbl at 25.15$/bbl
• ARA Inventory stocks according to Insights Global - Inventory type, latest level, weekly change (kmt) as follows: Gasoline: 1,344, +7; Naphtha: 276, +41; Gasoil: 1,857, -138; Fuel Oil: 1,072, -194; Jet Fuel: 649, -33.
• Russian exports of refined oil products are expected to plummet to a 10 month low in August due to planned maintenance at refineries.
• The third batch of Chinese export quotas for refined products, estimate to total 12m mt, are to be released soon, according to OilChem.
• China’s refined fuel demand in H2 2023 is expected to increase by 10% compared to H2 2022, the President of PetroChina Huang Yongzhang said on Thursday.
• CDU capacity utilisation across China’s independent refineries averaged 63.14% in the week to Aug. 31, up 0.08 percentage points on the previous week, according to OilChem.
• Due to fuel oil tightness, Shandong teapot refiners are feeling the pain as the price of Russian HSFO increases according to Voertxa.