Oil Products End of Day Summary: Gasoline Cracks Fall

Gasoline cracks retreated on the day, although remain up on Friday’s levels. A WSJ survey expects a build in US gasoline stocks, while GasBuddy data showed a rise in US demand.

• US gasoline crack down -0.5$/bbl at 16.29$/bbl
• US ULSD crack down -0.4$/bbl at 38.24$/bbl
• US retail gasoline prices rose to $3.104/gal in the week to Dec. 1, according to the EIA. This is up 0.5% on the previous week. Meanwhile, diesel prices were down 1.3% to $4.092/gal.
• US Gasoline inventories are expected to rise by 0.7m bbl to 218.9m bbl, according to a survey by the WSJ Responses ranged from a draw of 3m bbl to a build of 4.5m bbl. Distillate stocks are expected to increase by 1m bbl to 111.8m bbl. Responses ranged from a draw of 3m bbl to a build of 3.5m bbl.
• The NCC Noor, laden with gasoline loaded in Lithuania and originally headed to New York has u-turned in the Atlantic and is diverting to Amsterdam, according to Bloomberg citing Kpler data.
• The next round of spring refinery maintenance will be larger than usual, FGE said in a note..
• Kazakhstan plans to extend restrictions on diesel, gasoline and specific petroleum products by another six months starting 14 February 2024, a draft document by the Energy Ministry showed.
• China will cut the retail and gasoline prices from Dec. 6, amid recent changes in global prices, according to Xinhua. Gasoline prices will decline by 55 y/t (around $7.7/mt) and diesel prices will fall by 50 y/t.