Oil Products End of Day Summary: Gasoline Continues Fall

US gasoline cracks remain at their lowest level since Dec. 13 with a fall of around 13.8% since the start of the week. EIA data showing a decline in weekly implied demand and rising stocks has piled pressure on cracks.

• RBOB FEB 24 up 0.2% at 2.11$/gal
• US gasoline crack down -1.5$/bbl at 14.92$/bbl
• Gasoil JAN 24 up 2.1% at 770.5$/mt
• US ULSD crack down -0.8$/bbl at 35.79$/bbl
• Motiva is set to shut a CDU and coker at its 626k b/d Port Arthur, Texas refinery by Jan. 8, according to Reuters. The 350k b/d PS-5 CDU and the 110k b/d DCU-2 coker are set for planned overhauls expected to take 45 days to complete, sources told Reuters.
• Russian oil products exports rose to almost 2.7mbpd in the four weeks to 31 December, up by 152kbpd from the previous week, Vortexa data, cited by Bloomberg showed.
• Cenovus Energy’s 160kb/d Toledo refinery in Ohio is planning a multiunit turnaround to begin in late September according to Bloomberg sources.
• Nigeria’s NNPC will complete test runs at the Port Harcourt refinery this month and will restart with an initial capacity of 60kbpd according to NNPC.