Oil Products End of Day Summary: Gasoline Cracks Buoyant

Gasoline cracks are finishing the week higher after tentative signs of stronger demand and tighter supplies from refinery outages. A draw in US inventories in line the five-year average helped provided some support. The drop off in crude has also supported product cracks.

• US 321 crack up 1.4$/bbl at 22.01$/bbl
• US gasoline crack up 1.6$/bbl at 10.98$/bbl
• RBOB NOV 23 up 0.2% at 2.37$/gal
• US ULSD crack up 0.9$/bbl at 44.08$/bbl
• Russia is looking at the operating results of its oil refineries as part of its guidance on future changes to the oil products ban according to Energy Minister Nikolai Shulginov.
• Russian Deputy PM Novak has ordered its refiners to study a potential kerosene export ban after a meeting with producers October 16.
• Chinese refinery oil product exports are set to fall 40% in November m/m according to OilChem.
• Chinese independent refineries face rising feedstock costs which are squeezing refining margins.
• China’s gasoline inventories rose by 2.4% on the week to 13.24m tons in week to 19 October, highest level since 25 May, according to data from OilChem.
• China's fuel oil imports in September fell to 1.04mn tons, down by 25% from August levels, and the lowest level so far this year, data from the General Administration of Customs showed, amid high inventory levels.
• Kuwait Petroleum has increased spot tenders for HSFO this October – the latest one closes Friday.