Oil Products End of Day Summary: Gasoline Crack Volatile

The US gasoline crack has been volatile today, trading between $28.58/b and $29.79/b during the session. The market struggles for direction as US refinery maintenance passes its peak, while EIA data shows demand rising.

• US gasoline crack down -0.1$/bbl at 28.86$/bbl
• US ULSD crack down -0.6$/bbl at 34.55$/bbl
• Oil product open interest continues to increase with ICE Gasoil futures open interest this week rising again to the highest since November 2021 and Nymex gasoline at the highest since February 2022.
• The US is set to have a second, smaller refinery maintenance period peak in April, following the spring maintenance which peaked in February, according to IIR Energy, cited by Bloomberg.
• Pump prices are surging in the Midwest region after the shutdown of the US’ largest inland refinery, according to Bloomberg.
• Pemex’s gasoline production was 307k b/d in January, up 13% on the month, while gasoline imports totalled 340k b/d, down 31% on the month
• The Al-Shamal refinery within the Baiji refining compound in northern Iraq has reopened after a 10-year halt, according to the office of the Iraqi PM, cited by Bloomberg.
• Iraq is planning to stop oil product imports from mid-2025 after it has reopened the Al-Shamal refinery within the Baiji refining compound in northern Iraq
• Kuwait’s 650k b/d Al Zour refinery has begun to receive volumes of heavy oil, according to MEES.
• China is set to increase its bonded jet fuel refuelling at international airports amid a rise in overseas flights in 2024, according to Platts.
• US REFINERY MAINTENANCE SCHEDULE: See PDF for the latest refinery maintenance update for the US: https://roar-assets-auto.rbl.ms/files/60102/MNI%20US%20Refinery%20Maintenance%20Schedule.pdf