Oil Products End of Day Summary: Diesel Cracks Weaken

Diesel cracks have slipped further on the day, reversing some of yesterday’s gains. However, gasoline has found support on the day, likely buoyed by expectations of a US stock draw.

• US gasoline crack up 0.3$/bbl at 30.19$/bbl
• US ULSD crack down 0.6$/bbl at 25.36$/bbl
• Nigeria’s new mega Dangote refinery is cutting diesel and jet fuel prices in the domestic fuel market – the third time since product deliveries began in March as the refinery ramps up production.
• This week’s EIA data is expected to show US gasoline inventories down 1.5m bbl and distillate stocks down by 1m bbl, according to a survey by the WSJ.
• Exxon’s Baytown 564kbd refinery, Texas, has shut a hydrocracker since April 18 as well as two furnace stacks on its largest crude unit according to a Bloomberg source.
• The Petronor Bilbao refinery is halting its G4 gasoil desulphurisation plant for maintenance, according to a statement by Petronor.
• Annual maintenance work is starting at refineries in Hungary and Slovakia, according to Mol via Bloomberg.
• Mexico is boosting its fuel oil exports because of higher domestic refinery runs according to Vortexa.
• Russian oil product exports slumped to a post-pandemic low in H1 April, according to Platts’ tanker tracking data.
• Russia's Orsk oil refinery resumed full operations on April 23 after a two-week outage due to flooding in Russia’s Urals region, according to Reuters sources.
• China’s refined oil exports totalled 4.55m mt in March, up 58.28% on the month, according to OilChem, citing GACC data.
• Kuwait’s KPC has signed a term agreement with Qatar Energy to supply VLSFO from July-June 2025, Argus said.