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Oil Products End of Day Summary: Gasoline Crack Strengthens

OIL PRODUCTS

Gasoline crack spreads are set for on the day gains as outages at US refineries and anticipated heavy spring maintenance threaten to hold back production.

  • US gasoline crack up 0.6$/bbl at 19.54$/bbl
  • US ULSD crack down -0.5$/bbl at 37.62$/bbl
  • US Distillate stocks are expected to fall by 0.7m bbl, while gasoline inventories are forecast to see a build of 1.5m bbl, in the week to Jan. 19, according to a survey by the WSJ.
  • European refinery maintenance for the first half of 2024 will peak at about 1.2mn bpd in April according to an Energy Aspect forecast.
  • ExxonMobil’s Baton Rouge refinery began a planned overhaul on its FCC and hydrocracker on Saturday according to Reuters sources.
  • TotalEnergies 238kbpd Port Arthur oil refinery in Texas has had water supply restored according to Reuters sources.
  • UAE’s ADNOC has sold more straight run fuel from its Ruwais refinery this month via private sales according to Reuters sources.
  • Fuel tanker rates on key trade routes are soaring as Houthi attacks continue to disrupt Red Sea shipping according to Bloomberg.
  • The latest OPIS US gasoline demand survey places last weeks implied demand levels at around 7.78mn bpd, a sharp drop from the week prior and also versus historical levels.
  • Drone attacks on Novatek’s Ust-Luga plant in Russia have supported naphtha prices to their highest level in three months.
  • Implied global passenger jet fuel demand is set to fall by 0.8% in the week to Jan. 29 to around 6m b/d, according to BNEF.

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