Oil Products End of Day Summary: Gasoline Cracks Fall Back

Gasoline cracks relinquished gains made in late European trading hours to be down on the day. Falling US end-user prices and a weak demand outlook continue to add downside.

• US gasoline crack down -0.1$/bbl at 15.51$/bbl
• US ULSD crack up 1.3$/bbl at 41.98$/bbl
• China’s Sinopec asked the government for an additional 800,000 tons of export quota for clean refined products as a surplus of oil products in the domestic market has boosted stockpiles at Chinese refineries, people with knowledge of the matter told Bloomberg.
• China’s planned exports of refined products are scheduled at 2.62m mt in December, a drop of 4% on November levels, according to OilChem.
• Chevron’s Richmond refinery in California is back online Nov. 28, following an unplanned power outage, according to OPIS.
• Exxon Antwerp has restarted its crude unit halted by a power outage last week according to Bloomberg reports.
• A new unit at TotalEnergies' 219kbpd Donges refinery on the west coast of France will start operating in the spring, TotalEnergies said, cited by Bloomberg.
• US average retail gasoline prices dropped to $3.088/gal in the week to Nov. 24, down 1.8% on the week, according to Bloomberg.
• European diesel imports are on track to decline by 14% year on year in 2023, following the introduction of sanction on Russian oil products imports, Vortexa data showed.