Oil Products End of Day Summary: Gasoline Crack Rises

The US gasoline crack is heading towards the close trading higher on the day, although the recovery in gasoline cracks since October continues to slow. The weakness in spreads is driven by ongoing weakness in US demand, despite falling imports from Europe last week.

• US gasoline crack up 0.4$/bbl at 14.97$/bbl
• US ULSD crack down -0.2$/bbl at 40.72$/bbl
• Arrivals of European gasoline into the USA fell by 40% on the week to 90k b/d in the seven days to No. 23, according to Bloomberg.
• China has issued an additional 3m tonnes of fuel oil imports quotas for non-state firms according to the Ministry of Commerce.
• Russia’s oil processing rates last week rose to the highest since mid-August driven by the easing of government export restrictions on gasoline and summer-grade diesel and on the end of seasonal refinery maintenance.
• Europe ramped up buying of Indian diesel this month with imports on track to reach 305kbpd, Kpler data showed.
• Phillips 66 began the restart of several units at the Borger refinery in Texas on 26 November according to the Texas Commission on Environmental Quality.
• PetroIneos has reported an FCC fault at its Lavera refinery, France resulting in flaring this morning according to Bloomberg.
• Global passenger jet fuel demand is set to fall by 1% to 5.9m b/d in the week to Dec. 4, according to BNEF.
• Global airline passenger capacity rose 0.3% on the week to 103.1m seats in the seven days commencing Nov. 27, according to OAG.