Oil Products End of Day Summary: Gasoline Cracks Rise

Gasoline cracks are up on the day as the market looks for signs of improved demand in the northern hemisphere during peak summer travel season.

• US gasoline crack up 0.5$/bbl at 24.73$/bbl
• US ULSD crack down 1.2$/bbl at 24.63$/bbl
• Marathon began preparing to restart multiple units on Monday at its 631,000 bpd Galveston Bay refinery in Texas after a morning power outage due to Hurricane Beryl.
• Operations at Phillips 66 265,000 bpd Sweeney refinery in Texas were operating normally following an upset caused by Hurricane Beryl on Monday the company said via a filing.
• Shell will begin redeploying personnel to its Perdido and Whale oil platforms in the Gulf of Mexico on July 9 having preventatively shut them down ahead of hurricane Beryl’s arrival the company said via a statement.
• An influx of diesel/gasoil from the US has put some pressure on the European distillates complex, with record volumes headed for Europe in the final week of June, Platts said.
• Mexico will produce 100% of its gasoline it needs by the end of 2024, according to outgoing President AMLO.
• Margins for simple refining in NWE are negative for most crude grades, according to a note by Sparta Commodities’ analyst Neil Crosby, cited by Bloomberg.
• Germany’s Schwedt refinery is running at over 80% capacity despite future ownership uncertainty according to German state secretary Michael Kellner.
• Several VLCCs carrying diesel from the Middle East to Europe may discharge part of their cargoes in WAF, Argus said.