Oil Products End of Day Summary: Diesel Cracks Rebound

Diesel cracks rose strongly on the day after EIA weekly oil data showed a larger than expected decline in US stocks and an increase in implied demand.

• US gasoline crack up 0.1$/bbl at 28.32$/bbl
• US ULSD crack up 1.7$/bbl at 32.71$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Mar 01: Gasoline stocks -4,460 vs Exp -1,060, Implied mogas demand +546, Distillate stocks -4,131 vs Exp -332, Implied dist demand +538
• Russian diesel-type shipments from the Baltic port of Primorsk fell in February to 1.8m tons from the high seasonal levels seen last month according to Bloomberg based on port report and ship tracking data.
• Bayernoil’s Vohburg refinery is planning to halt wholesale deliveries of all products this weekend, sources told Bloomberg, without stating a reason.
• A planned two-week strike by Finnish workers could cause the closure of Neste’s Porvoo refinery next week, Reuters said.
• China’s state-owned refineries plan to raise throughput by 11.14% on the month in March to 43.81m mt, according to OilChem.
• Oil products stockpiles at the Port of Fujairah edged up by 0.4% on the week to 18.806mn barrels as of 4 March according to the Fujairah Oil Industry Zone.