Oil Products End of Day Summary: Gasoline Cracks Down on Week

Gasoline crack spreads are ending the week slightly lower amid steeper losses today. Diesel cracks are up around 0.4% on the week,

• US gasoline crack down 0.8$/bbl at 24.44$/bbl
• US ULSD crack down 0.2$/bbl at 23.26$/bbl
• Money managers have cut their bullish gasoil bets by 22,838 net-long positions to 19,472, according to Bloomberg citing weekly ICE Futures Europe data.
• Global oil product inventories including gasoline saw an unusual increase in May adding a further bearish signal for the wider oil complex, according to FGE.
• The continued ramp up of oil processing capacities in the Middle East could be bearish for global refining margins, BNEF said.
• There are no fuel shortages on the Russian domestic fuel market and prices have fallen according to Deputy Prime Minister Alexander Novak said on Friday.
• PBF Energy’s 157kbpd Martinez refinery northeast of San Francisco, California restarted a unit on June 6 after a process trip during start-up
• The 220kbpd Bilbao oil refinery in northern Spain is set to restart the V3 vacuum distillation unit on June 10.
• INEOS is commencing the start-up of one of its plants at Grangemouth the firm said via X.
• Operations at the Novoshakhtinsk refinery in Russia are significantly disrupted after a fire caused by a Ukrainian drone attack June 6.
• When Nigeria’s 650k b/d Dangote refinery hits full capacity, demand for medium-range and large-range clean tankers will fall: Gibson.
• China’s oil product imports dropped 21.5% m/m in May to 4.45mn mt according to customs data.
• The average weekly capacity utilization rate of Shandong independent refineries was 52.41%.
• Fuel consumption in India edged higher m/m in May, according to PPAC data cited by Reuters.