Oil Products End of Day Summary: Gasoline Cracks Gains Ground

Gasoline cracks have regained ground in US hours, likely seeing support from expectations of a draw in US stocks, coupled with supply concerns from idled Russian refining capacity amid drone strikes.

• US gasoline crack up 0.3$/bbl at 32.58$/bbl
• US ULSD crack down 1.2$/bbl at 32.51$/bbl
• The Russian Energy Ministry along with the National Guad are working on security measures to protect its refineries after a sustained set of attacks.
• Almost 900kbpd of Russian oil refining capacity is likely to be offline for several weeks or months following Ukrainian attacks, JP Morgan said in a note.
• FGE expects a loss of around 0.6m b/d of Russian refinery runs in March and April due to Ukrainian drone strikes, according to FGE.
• Higher oil product prices in Europe are creating arbitrage opportunities previously limited by the high transport costs due to tanker diversions around Africa, according to Clarksons Securities.
• TotalEnergies were raising production on its CDU, coker and FCC at its 238,000 bpd Port Arthur, Texas refinery on Monday according to Reuters sources.
• Total had a temporary malfunction on a refining unit at the Gonfreyville refinery in Normandy March 19, according to a community alert cited by Bloomberg.
• Russian wholesale domestic gasoline and diesel prices rose on Tuesday as refining capacity has been reduced by drone attacks, according to Reuters.
• Ineos has proposed to shut its ethanol plant in Grangemouth, Scotland from Q1 2025 claiming the sector of the business has been running at a loss for “several years” it said Tuesday.
• EU REFINERY MAINTENANCE SCHEDULE - See PDF for the latest refinery maintenance update for Europe: https://roar-assets-auto.rbl.ms/files/60419/MNI%20EU%20Refinery%20Maintenace%20Schedule.pdf