October 04, 2023 18:26 GMT
Oil Products End of Day Summary: Gasoline Collapses
Gasoline Prices have collapsed, with RBOB at its lowest level since December amid decade-low gasoline demand for this time of year and a surge in gasoline stocks.
- RBOB NOV 23 down -6.5% at 2.21$/gal
- US gasoline crack down -0.8$/bbl at 8.07$/bbl
- The latest weekly EIA oil data showed four-week average US gasoline demand fell to the lowest since mid-February and the lowest for this time of year since 1997.
- EIA Weekly US Petroleum Summary - w/w change week ending Sep 29: Gasoline stocks +6,481 vs Exp +192, Implied mogas demand -605, Distillate stocks -1,269 vs Exp -156, Implied dist demand -157, Tot product stocks +6,862
- The 615kbpd Al-Zour refinery will start operations at its third unit within a few weeks, before the end of October, KUNA cited KIPIC spokesperson Abdullah Al-Ajmi.
- Russia’s production of gasoline in the seven days to Oct. 1 fell 4.3% on the week, according to Rosstat.
- Russia’s export ban on diesel and gasoline helped to stabilize the domestic market, according to Russia’s Deputy PM Alexander Novak and reported by Bloomberg.
- Russian diesel exports fell by 57% after Moscow introduced the ban from 21 September, Vortexa data showed, cited by Bloomberg.
- Russian wholesale gasoline and fuel prices rose Oct. 4 following reports that the fuel ban may be eased, according to Reuters.
- However, Russian retail diesel and gasoline prices fell on the week to Oct. 1, according to Bloomberg.
- Flows of CPP from East Asian refiners to Latin America reached a record high of 300kbpd in September and are set to continue into October according to Kpler.