Oil Products End of Day Summary: Gasoline Cracks Fall

US gasoline cracks are weakening again during US hours to new intraday lows, reversing the temporary rebound to $23.944/b earlier in the day.

• US gasoline crack down 0.6$/bbl at 22.89$/bbl
• US ULSD crack up 0.3$/bbl at 24.93$/bbl
• The following surveys estimated US gasoline inventory changes for last week: -0.4m bbl (Reuters), -0.7m bbl (WSJ), -1.42m bbl (Platts)
• The following surveys estimated US distillate inventory changes for last week: -0.24m bbl (Platts), +0.2m bbl (Reuters), +1.1m bbl (WSJ).
• TotalEnergies 238kb/d Port Arthur refinery in Texas returned to normal operation over the weekend, according to Reuters sources.
• ExxonMobil's 252kbpd Joliet refinery, Illinois, remains shut and without power after a total shutdown on July 15 following a tornado, according to spokeswoman Catie Tuley cited by Bloomberg.
• A fire broke out on the HDS2 unit of the Lavera refinery, according to a notice from Allo Industrie.
• Rosneft’s Tuapse refinery continues to operate after a drone attack on Monday which caused a fire according to Deputy PM Alexander Novak speaking to Interfax.
• Russia will reinstate its gasoline export ban in August while the Energy Ministry has proposed the ban be extended into Sep-Oct according to Deputy PM Alexander Novak.
• China’s new mega 400,000 bpd Yulong petrochemical refinery intends to start test runs around September 30 according to Reuters sources.
• The risk of refining run cuts in the US and Europe will accelerate starting in 4Q, according to Energy Aspects.
• China’s jet fuel production showed an annual growth of 23.9% in H1 2024, the fastest in history, OilChem said.