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Oil Products End of Day Summary: Gasoline Cracks Retreat

OIL PRODUCTS

Product cracks have fallen today, with gasoline cracks having a notably stronger decline. Cracks are tracking the fall in crude oil, driven by strength in the USD.

  • US gasoline crack down 0.7$/bbl at 23.97$/bbl
  • US ULSD crack up 0$/bbl at 24.46$/bbl
  • European ARA stocks according to the latest weekly Insights Global data: Gasoil: +4 mt to 2,013k mt, Gasoline: +37k mt to 1,069k mt, Fuel Oil: -30k at 1,393k mt, Jet Fuel: -58k mt to 927k mt, Naphtha: -10k mt to 410k mt.
  • HF Sinclair Plans to run its refineries between 570k-600k b/d in Q3, according to Reuters citing the company.
  • Motiva’s Port Arthur facility was continuing repairs on Wednesday for its 81,000 bpd gasoline making FCC unit according to Reuters sources.
  • A fire broke out at Russia’s Omsk Refinery. Gazprom Neft said the fire has been extinguished and operations are continuing normally
  • Mexico’s imports of gasoline and diesel imports in June rose to its highest level in 2024, according to Bloomberg.
  • Nigeria’s 650k b/d Dangote refinery is set to shake up international crude flows when it reaches full capacity, having already made an impact since its startup in January, Platts said.
  • Onshore fuel oil inventories in Singapore dipped 1.5% to 19.56 mn bbls (3.08 million metric tons) in the week ended July 31, down for a second week, according to Enterprise Singapore data.
  • Singapore middle distillate inventories were at 11.353m bbl barrels for the week ended July 31 up 3% on the week.
  • Crude storage capacity utilisation rates among Shandong Teapots slid by 0.2 percentage points on the week to 44.0%, OilChem said.
  • India’s diesel and gasoline sales fell month on month in July, data showed cited by Bloomberg
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