Oil Products End of Day Summary: Gasoline Cracks Reverse Losses

US gasoline cracks have surged near US close to reverse earlier losses. This is despite EIA data showing weakening demand and building stocks. While diesel cracks have also jumped near to the close, they continue to be trading lower on the day.

• US gasoline crack up 0.5$/bbl at 16.39$/bbl
• US ULSD crack down -0.8$/bbl at 40.02$/bbl.
• EIA Weekly US Petroleum Summary - w/w change week ending Nov 24: Gasoline stocks +1,764 vs Exp 0, Implied mogas demand -274, Distillate stocks +5,217 vs Exp 0, Implied dist demand -1,096,
• The diesel USGC-Europe shipping cost has more than doubled in less than three weeks amid an export boost as seasonal refinery maintenance ends according to Bloomberg.
• Russia's offline primary oil refining capacity has been revised up by 12% to 2.714mn tons in November from the previous plan, according to industry sources and Reuters calculations, due to changes in the maintenance schedule of some plants.
• Russian gasoline production rose by 1.1% on the week to 886.5k tons of gasoline in the week through November 26, Rosstat data showed, cited by Bloomberg.
• Retail gasoline prices fell 0.23% in the week to Nov. 27, according to Interfax citing Rosstat.
• MNI COMMODITY ANALYSIS: Chinese Refiners Curtailed by Quotas - Full piece here: https://enews.marketnews.com/ct/x/pjJscQKBlu8I6a9mJhokTA~k1zZ8KXr-kA8x6nFU5enptIPjO1OcQ