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Oil Products End of Day Summary: Gasoline Cracks Rise

OIL PRODUCTS

Gasoline crack spreads have ticked up further today, likely finding support from an upcoming heavy maintenance season among US refineries, which is set to curtail supply.

  • US gasoline crack up 0.1$/bbl at 22.57$/bbl
  • US ULSD crack down -2.4$/bbl at 43.8$/bbl
  • Gasoline margins in Northwest Europe have risen to their highest since late September, buoyed by a squeeze on US supplies, according to Bloomberg.
  • The current oil refining “turbo margins” will encourage oil refiners to increase runs if they are able to according to FGE.
  • An explosion at Pemex’ 215kbpd Miguel Hidalgo refinery, or Tula, on Monday afternoon local time injured eight workers according to Radio Formula.
  • Wood Mackenzie expect diesel/gasoil stocks in northwest Europe to fall over the next two months before a recovery into Q2.
  • West Africa is set to receive 730k b/d of gasoline from Europe in February, according to Reuters citing Kpler data, the highest since Kpler records began in 2017.
  • Clean product transits via Bab al-Mandab fell to 210k b/d, compared to the usual 2m b/d according to Oil Brokerage.
  • EU Refinery Maintenance Schedule - : See PDF for the latest refinery maintenance update for Europe: https://roar-assets-auto.rbl.ms/files/59952/MNI%20EU%20Refinery%20Maintenace%20Schedule%20.pdf
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