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Oil Products End of Day Summary: Gasoline Cracks Fall

OIL PRODUCTS

Gasoline cracks have been falling on the day amid a strong build in gasoline stocks. Four-week US distillates and gasoline demand both fell again this week to add downward pressure to crude and crack spreads. Distillates consumption is once again below the seasonal five-year range and following the drop in demand seen this time last year.

  • US gasoline crack down -0.8$/bbl at 15.8$/bbl
  • US ULSD crack up 0.4$/bbl at 38.83$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 01: Gasoline stocks +5,420 vs Exp +1,187, Implied mogas demand +260, Distillate stocks +1,267 vs Exp +1,069, Implied dist demand +742, Tot product stocks +2,920
  • China’s refined oil production is forecast to fall in 2024 compared to 2023 levels, according to OilChem, amid heavier refinery maintenance and scarce feedstocks for Teapots.
  • TotalEnergies plans a partial halt of its 277,000 bpd German Leuna refinery in Autumn 2024 according to a Bloomberg source.
  • Global implied jet fuel demand is set for a weekly gain of 1% to 6.0m b/d in the week to Dec. 11, according to BNEF.
  • US implied jet fuel demand is expected to be 1.545m b/d in the week to Dec. 11, up 0.3% on the week, according to BNEF.
  • Initial OPIS survey figures on actual gasoline volumes pumped last week suggest an implied demand number just above 8mn bpd.
  • The prompt ICE gasoil spread has widened to its deepest backwardation since Nov.9, according to Bloomberg, showing some strength on the prompt.
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