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Oil Products End of Day Summary: Gasoline Cracks Rebound

OIL PRODUCTS
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Gasoline cracks have tracked crude in rebounding today following better US jobless data. This may be more reassuring for the US macroeconomic outlook, and thus oil demand.

  • US gasoline crack up 0.7$/bbl at 24.64$/bbl
  • US ULSD crack down 0.7$/bbl at 22.84$/bbl
  • Initial jobless claims were lower than expected in the week to Aug 3, at a seasonally adjusted 233k (cons 240k) as they retreated from a slightly upward revised 250k (initial 249k).
  • USWC distillate margins in July were around half of their levels in summer 2022 and 2023, OPIS said, cited by Bloomberg.
  • The ramp up of Mexico’s Olmeca (Dos Bocas) refinery is likely to stall by the end of the year, Kpler said.
  • Phillips 66 reported a unit process upset at its 265k b/d Sweeny Refinery, Texas, according to Reuters, citing a Texas commission on environmental quality filing.
  • ExxonMobil’s 251,800 bpd refinery in Illinois has restarted select units three weeks after it lost power because of a storm the company said.
  • The UK’s Lindsey refinery is restarting this week after planned turnaround according to Bloomberg communications with Prax.
  • ARA oil product inventories according to Insights Global, Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,007, -62, Naphtha: 404, -6, Gasoil: 2,071, +58, Fuel Oil: 1,362, -31, Jet Fuel: 882, -45.
  • Kpler expects the monthly average naphtha crack in NWE to fall in September compared to August, Kpler told Bloomberg.
  • Singapore’s onshore fuel oil stockpiles narrowly rose to a two-week high, government data showed on Thursday.
  • Jet fuel crack spreads in Europe and the USGC have retreated for a spike in the wake of Russia’s invasion of Ukraine, Platts said.
  • Asia’s jet fuel demand may taper off in H2 due to the fading impact of post-pandemic aviation demand normalisation, Platts said.
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Gasoline cracks have tracked crude in rebounding today following better US jobless data. This may be more reassuring for the US macroeconomic outlook, and thus oil demand.

  • US gasoline crack up 0.7$/bbl at 24.64$/bbl
  • US ULSD crack down 0.7$/bbl at 22.84$/bbl
  • Initial jobless claims were lower than expected in the week to Aug 3, at a seasonally adjusted 233k (cons 240k) as they retreated from a slightly upward revised 250k (initial 249k).
  • USWC distillate margins in July were around half of their levels in summer 2022 and 2023, OPIS said, cited by Bloomberg.
  • The ramp up of Mexico’s Olmeca (Dos Bocas) refinery is likely to stall by the end of the year, Kpler said.
  • Phillips 66 reported a unit process upset at its 265k b/d Sweeny Refinery, Texas, according to Reuters, citing a Texas commission on environmental quality filing.
  • ExxonMobil’s 251,800 bpd refinery in Illinois has restarted select units three weeks after it lost power because of a storm the company said.
  • The UK’s Lindsey refinery is restarting this week after planned turnaround according to Bloomberg communications with Prax.
  • ARA oil product inventories according to Insights Global, Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,007, -62, Naphtha: 404, -6, Gasoil: 2,071, +58, Fuel Oil: 1,362, -31, Jet Fuel: 882, -45.
  • Kpler expects the monthly average naphtha crack in NWE to fall in September compared to August, Kpler told Bloomberg.
  • Singapore’s onshore fuel oil stockpiles narrowly rose to a two-week high, government data showed on Thursday.
  • Jet fuel crack spreads in Europe and the USGC have retreated for a spike in the wake of Russia’s invasion of Ukraine, Platts said.
  • Asia’s jet fuel demand may taper off in H2 due to the fading impact of post-pandemic aviation demand normalisation, Platts said.