Oil Products End of Day Summary: Gasoline Crack Rangebound

Gasoline cracks have struggled for direction during the day, as forward-looking expectations of a seasonal demand uptick are weighed against an on the week decline in US appetite.

• US gasoline crack up 0$/bbl at 29.89$/bbl
• US ULSD crack down -1.1$/bbl at 32.45$/bbl
• US retail gasoline demand saw a decrease of 0.3% for the week ending March 3 but was 1.7% above the four-week average according to GasBuddy.
• Gasoline prices across the US Midwest region have surged to the highest level in the nation amid a continued shutdown at the Whiting refinery, Bloomberg said.
• Exxon Mobil will finish maintenance on the hydrocracker at the 619k b/d Beaumont, Texas refinery by the end of March, sources told Reuters.
• Phillips 66 Wood River 356kb/d oil refinery suffered a unit upset and flaring event at 9:50om on the evening of Mar. 3.
• Crude processed by Russian refiners rose 226kb/d to 5.44mb/d in the period Feb. 15-28 according to Bloomberg sources.
• Turkey’s Tupras is planning to conduct maintenance at its Izmit, Izmir, and Batman refineries in 2024.
• The German oil products market in Germany continued to be oversupplied in February, despite some additional buying interest in H2 Feb, Argus said.
• The arbitrage economics for Europe-East of Suez naphtha flows are likely to become unworkable in the near-term, according to Argus.
• Global scheduled airline capacity has fallen by 0.61% in the week commencing March 4, according to OAG.
• Implied global jet fuel demand for the seven days to March 11 is set to fall 0.5% on the week to 6.19m b/d, according to BNEF.
• The global MR tanker market is experiencing notable shifts with East of Suez ton-miles growing faster than in the West according to Kpler.