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OIL PRODUCTS: Oil Products End of Day Summary: Gasoline Crack up on Week

OIL PRODUCTS
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Gasoline cracks and diesel cracks have lost ground today but are on track for gains on the week. While US gasoline stocks increased to the highest since Feb 2024 amid higher imports and lower exports, the four-week average implied gasoline demand has also edged higher to hold just above the previous five-year average.

  • US gasoline crack down 0.3$/bbl at 13.88$/bbl
  • US ULSD crack down 0.1$/bbl at 28.12$/bbl
  • Russia’s largest oil companies have received government permission to continue gasoline exports until the end of February, according to the office of Deputy Prime Minister Alexander Novak.
  • A fire at Lukoil’s Volgograd refinery in southern Russia has been extinguished following an overnight Ukrainian drone attack, according to Reuters.
  • Phillips 66 Expects Heavy Maintenance at refineries in 1Q: Reuters. Refining utilization is expected to be at a low 80% in 1Q, compared with 92% a year ago.
  • Nigeria’s Dangote Buys VLCC of WTI Midland for March: Bloomberg
  • Singapore total oil inventories fell by 2.14mbbl in the week to Jan. 29 to 42.60mbbl to extend a trend since mid-December, according to Enterprise data.
  • India’s eight key industries’ production increased by 4% on the year in December, compared with a growth of 4.4% y/y in November, data from the Ministry of Commerce & Industry showed.
  • Global implied passenger jet fuel demand remained stable in the week to Feb. 3, according to BNEF.
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Gasoline cracks and diesel cracks have lost ground today but are on track for gains on the week. While US gasoline stocks increased to the highest since Feb 2024 amid higher imports and lower exports, the four-week average implied gasoline demand has also edged higher to hold just above the previous five-year average.

  • US gasoline crack down 0.3$/bbl at 13.88$/bbl
  • US ULSD crack down 0.1$/bbl at 28.12$/bbl
  • Russia’s largest oil companies have received government permission to continue gasoline exports until the end of February, according to the office of Deputy Prime Minister Alexander Novak.
  • A fire at Lukoil’s Volgograd refinery in southern Russia has been extinguished following an overnight Ukrainian drone attack, according to Reuters.
  • Phillips 66 Expects Heavy Maintenance at refineries in 1Q: Reuters. Refining utilization is expected to be at a low 80% in 1Q, compared with 92% a year ago.
  • Nigeria’s Dangote Buys VLCC of WTI Midland for March: Bloomberg
  • Singapore total oil inventories fell by 2.14mbbl in the week to Jan. 29 to 42.60mbbl to extend a trend since mid-December, according to Enterprise data.
  • India’s eight key industries’ production increased by 4% on the year in December, compared with a growth of 4.4% y/y in November, data from the Ministry of Commerce & Industry showed.
  • Global implied passenger jet fuel demand remained stable in the week to Feb. 3, according to BNEF.