Oil Products End of Day Summary: Gasoline Cracks Rise on Week

Gasoline cracks have regained further ground during US hours, while diesel has sunk further. Ongoing weakness in seasonal demand and robust US inventories continue to put pressure on the spreads. Gasoline is up around 2.5% since the start of the week, while diesel is down 0.9%.

• US gasoline crack up 0.6$/bbl at 15.31$/bbl
• US ULSD crack down -0.7$/bbl at 37.29$/bbl
• Nigeria’s 650,000 bpd Dangote refinery has received its first crude cargo after Platts reported Thursday it was imminently arriving.
• Marathons Galveston Bay refinery Texas has returned its CDU to normal operation according to Reuters sources late Thursday.
• Pemex’s Dos Bocas refinery in Mexico is still facing delays after the government said it would be running at full capacity by December earlier in the year.
• Croatia’s Rijeka refinery will complete an upgrade next year according to Bloomberg reports from a company official.
• India’s Gasoline and Jet fuel consumption rose in November, amid increased travel and industrial activity during the Diwali season, according to Argus.
• Some Asian refiners are set to agree diesel export deals at lower premiums in 2024 than last year according to Reuters sources.
• Preliminary Vortexa flows data suggests that China’s fuel oil imports, encompassing bunker fuel and refining feedstock, will surge to a new record of over 500kbd during the period of Dec 1-15.
• CDU capacity utilisation rates in December across China are expected to fall by 1.24 percentage points to average 70.56% amid lagging winter demand, according to OilChem.
• China’s aviation sector is showing a significant slowdown in recovery post-summer as demand is lagging pre-pandemic levels, according to Kpler via X.
• Russia’s retail gasoline prices fell 0.71% in November, according to Rosstat.