Oil Products End of Day Summary: Gasoline Crack Strengthens

US Gasoline cracks are trading modestly higher today, supported by EIA data showing rising demand and a stock draw. However, Diesel cracks are under pressure following a stock build.

• US gasoline crack up 0.1$/bbl at 25.1$/bbl
• US ULSD crack down 0.8$/bbl at 26.76$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Jun 28: Gasoline stocks -2,214 vs Exp -636, Implied mogas demand +455, Distillate stocks -1,535 vs Exp -395, Implied dist demand +179, Ref Run rate +1.30 vs Exp +0.59
• Naval drones attacked the Russian port city of Novorossiysk on the Black Sea coast overnight on July 3, the city's mayor, Andrey Kravchenko said earlier.
• Nigeria’s 650k b/d Dangote refinery has issued a tender for US WTI crude for delivery in August and September, according to Argus.
• Oman’s 230k b/d Duqm refinery is looking to operate at 10% above its nameplate capacity and is considering diversifying its product portfolio, Argus said.
• Some of the world’s largest oil supertankers are instead loading diesel in the latest sign of how Houthi attacks have shifted flows, Bloomberg said.
• State and independent oil refiners in China may increase crude processing rates to 69.4% of capacity in July, according to OilChem cited by Bloomberg.
• China’s exports of refined products totalled 2.80m mt in June, down from 0.05m mt in May, OilChem said.
• Japan’s Cosmo Oil restarted the 102k b/d no.2 crude distillation unit at its Chiba refinery on June 25 after planned maintenance.
• Port of Fujairah oil product stocks slipped to a 9-month low as of July 1 according to Fujairah Oil Industry Zone data.
• Global jet fuel demand in the week commencing July 2 is set to rise by 1.8% to 7.1m b/d, BNEF said.
• MNI COMMODITY WEEKLY – Beryl Sets Tone for Hyperactive Hurricane Season: https://enews.marketnews.com/ct/x/pjJscVCOlr0I6a5lJkt2HQ~k1zZ8KXr-kA8x6mXXJf1ptIPjO1OcQ