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Oil Products End of Day Summary: Diesel Weakness Persists as Oversupply Outlooks Weigh

OIL PRODUCTS
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Diesel weakness is pressing refining margins on oversupply while gasoline demand figures in the US appear lacklustre prior to the summer driving season runup.

  • US 321 crack down -0.1$/bbl at 28.93$/bbl
  • US gasoline crack up 0$/bbl at 31.51$/bbl
  • US ULSD crack down -0.3$/bbl at 23.75$/bbl
  • Kpler’s forecasts show global gasoil balances “swinging from a 380k b/d deficit in April to a peak 1.3m b/d surplus in July.”
  • Capacity additions this year look set to press distillate markets including: Al Zour’s CDU 3 in Kuwait and the Duqm plant in Oman, as well as forthcoming facilities at Dangote in Nigeria, Dos Bocas in Mexico and Yulong Island in China.
  • Mexico’s Dos Bocas refinery is set to begin diesel production in May it said via its earnings call Friday.
  • *PHILLIPS 66 EXPECTS FLAT GASOLINE, DIESEL DEMAND FOR 2024 - bbg
  • Russia’s oil-processing rates remain under pressure as refineries, which have barely recovered from drone attacks, enter seasonal maintenance.
  • Shell has completed its spring turnaround at the 404,000 b/d refinery in Pernis, Netherlands it said via X this week.
  • Lyondell Basell Industries Houston crude oil refinery is set to operate at 95% of its capacity of 263,776 bpd in the second quarter of 2024 according to the company.
  • Vitol has agreed to charter two supertankers to deliver US crude to Nigeria’s Dangote refinery in May according to Reuters sources.
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Diesel weakness is pressing refining margins on oversupply while gasoline demand figures in the US appear lacklustre prior to the summer driving season runup.

  • US 321 crack down -0.1$/bbl at 28.93$/bbl
  • US gasoline crack up 0$/bbl at 31.51$/bbl
  • US ULSD crack down -0.3$/bbl at 23.75$/bbl
  • Kpler’s forecasts show global gasoil balances “swinging from a 380k b/d deficit in April to a peak 1.3m b/d surplus in July.”
  • Capacity additions this year look set to press distillate markets including: Al Zour’s CDU 3 in Kuwait and the Duqm plant in Oman, as well as forthcoming facilities at Dangote in Nigeria, Dos Bocas in Mexico and Yulong Island in China.
  • Mexico’s Dos Bocas refinery is set to begin diesel production in May it said via its earnings call Friday.
  • *PHILLIPS 66 EXPECTS FLAT GASOLINE, DIESEL DEMAND FOR 2024 - bbg
  • Russia’s oil-processing rates remain under pressure as refineries, which have barely recovered from drone attacks, enter seasonal maintenance.
  • Shell has completed its spring turnaround at the 404,000 b/d refinery in Pernis, Netherlands it said via X this week.
  • Lyondell Basell Industries Houston crude oil refinery is set to operate at 95% of its capacity of 263,776 bpd in the second quarter of 2024 according to the company.
  • Vitol has agreed to charter two supertankers to deliver US crude to Nigeria’s Dangote refinery in May according to Reuters sources.