Oil Products End of Day Summary: Diesel Cracks Retreat

Diesel crack spreads have erased most of Friday’s rise to return to levels from Feb. 8. Despite the on-day fall, diesel cracks are holding most of this month’s gains amid Red Sea diversions, refinery maintenance, and drone attacks on Russian energy infrastructure.

• US gasoline crack up 0.5$/bbl at 21.92$/bbl
• US ULSD crack down -1.8$/bbl at 45.38$/bbl
• US weekly (Sun-Sat) gasoline demand declined by 0.7% for the week ending 10 February, GasBuddy data showed.
• European oil refiners are increasing crude oil purchases amid high diesel prices and disruptions to Middle Eastern shipments due to Red Sea tensions, boosting physical crude prices according to trading sources.
• Phillips 66 said on Friday there was a fire at its 60,000 bpd Billings Montana refinery.
• Oil processing rates in Russia’s refineries fell by over 151kb/d to the lowest in four months at 5.26mb/d according to Bloomberg sources.
• The Petronor refiner in Bilboa, Spain is halting a reformer for planned maintenance Monday according to a company statement.
• Italy’s 78kbpd API Falconara refinery has fully restarted after planned maintenance that started in early January, a company spokesperson said.
• Nigeria’s 650k b/d Dangote refinery is set to receive its first cargo of WTI in March, according to Argus and Bloomberg ship tracking.
• German oil product demand remained seasonally low in the week to Feb. 9, according to Argus.
• Global jet fuel demand is set to remain largely flat on the week at 6.1m b/d in the week to Feb. 19, according to BNEF.
• Global airline passenger capacity is set to rise 1.9% in the week commencing Feb. 12 to 106.62m seats, according to OAG.