Oil Products End of Day Summary: Gasoline Cracks Continue Recovery

Gasoline cracks look set to continue their recovery which began Nov. 3, maintaining most of the gains seen in European trading hours and heading for the highest close since late September. However, gasoline cracks are down slightly from the intraday high of $15.182/b.

• US diesel cracks have recovered some of their earlier losses but are trading lower on the day amid falling agricultural demand and expectations of rising stocks.
• US gasoline crack up 0.8$/bbl at 15.06$/bbl
• US ULSD crack down -1.2$/bbl at 38.8$/bbl
• Russian fuel producers have been told by the government that the remaining restrictions on diesel and gasoline exports will be lifted next week, three industry sources told Reuters on Thursday.
• Oil products stockpiles in Europe’s ARA region fell last week according to Insights Global.
• Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,334, -110, Naphtha: 164, -23, Gasoil: 1,723, -47, Fuel Oil: 1,131, -69, Jet Fuel: 725, +33
• Euroilstock: Europe 16 nations oil inventories were unchanged m/m at 1,020mb in October: Crude unchanged at 435mb, Gasoline unchanged at 108mb, Middle distillate +1mb to 393mb, Fuel oil unchanged -1mb to 56mb, Naphtha unchanged at 28mb
• The government of China’s Shandong province, a hub for China’s independent refineries, has requested a further 3m mt of fuel oil import quotas from the central government in Beijing, according to Zawya news, referencing Reuters sources.
• EU-27 gasoline prices fell by 0.2% on the week in the seven days ending Nov. 6, according to Bloomberg.
• framax Navig8 Prestige JKB is poised to perform an STS transfer with VLCC Nissos Anafi at Southwold on the UK’s East Coast, according to Bloomberg.
• Kuwait’s KPC has sold VLSFO via a term tender for loading between Jan-Jun 2024 according to Reuters sources.
• OMV plans to halt wholesale deliveries of heating oil from its Burghausen refinery in Germany during 11-17 November according to a company notice seen by Bloomberg.
• US West Coast clean product exports to Latin America rose to 166kbpd in October, the highest level in almost one year, Kpler data showed, as transit restrictions at the Panama Canal have given exports from the origin a freight advantage.