Oil Products End of Day Summary: Gasoline Cracks Drop

Gasoline cracks have plunged into losses during US hours, as seasonally low demand levels continue to weigh on prices.

• US gasoline crack down 0.2$/bbl at 27.27$/bbl
• US ULSD crack down 0.4$/bbl at 24.76$/bbl
• A Kyiv intelligence source said to Reuters the recent hit on a Russian oil processing plant in the Bashkiria region it was a “record” distance for a drone strike of 1500km.
• Exxon Mobil plans maintenance at its 270kbpd Fawley oil refinery in the UK in the autumn, according to Bloomberg sources.
• Exxon Mobil’s Baton Rouge 523kbd refinery shut its 110kbd Pipestill 9 crude unit and several associated units for planned work according to Bloomberg sources.
• Kuwait Petroleum Corporation is offering VLSFO for loading between July and December, in a tender that closes on May 14 according to Reuters sources.
• Brazil’s diesel imports have risen in recent months, with April volumes at 7.8m bbl, compared to 6.9m bbl in February, according to Platts Oil Market Podcast.
• It is expected that CDU capacity utilisation rates at China’s domestic refineries will average 68.58% in May, down 1.3 percentage points on the month, and 3.05 percentage points on the year, OilChem said.
• China’s Independent Refiners are likely to cut their fuel oil imports in May amid weak cracking margins and higher import costs, according to Platts.
• China’s refined oil production in June is expected to rise both on the month and on the year, according to OilChem.
• China saw more than 1.3 billion passenger trips over the five-day Labour Day holiday that began on May 1 – 2, up 1% on the year.