Oil Products End of Day Summary: Gasoline Cracks Rising

Gasoline cracks have oscillated during the day but have found support as US close nears. Gasoline has tracked the movements in crude during the day.

• US gasoline crack up 0.2$/bbl at 31.13$/bbl
• US ULSD crack down 0.9$/bbl at 24.01$/bbl
• US gasoline demand looks to have settled into a “new normal” seasonal trend with consumer behaviour altered since the pandemic, according to BNEF.
• Valero expects 2024 gasoline demand to be flat to slightly up from last year and diesel demand to be flat to slightly down from 2023, executives said during a Q1 earning’s call.
• US refiner Valero still expects fuel demand in Mexico to grow, despite its aims for fuel self-sufficiency.
• US oil sanctions on Venezuela are likely to halt the flow of naphtha from the former to the latter: Kpler.
• ARA oil product stockpiles according to Insights Global: Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,056, +74, Naphtha: 547, -24, Gasoil: 2,176, +52, Fuel Oil: 1,607, +91, Jet Fuel: 848, -7
• Shell has completed a turnaround at its 404k b/d Pernis refinery near Rotterdam April 24, a company spokesperson told OPIS.
• There is a fire in Omsk, Russia involving three oil tanks near the largest refinery in the region according to numerous reports.
• Gazprom Neft believes that there is currently no need to lift the ban on gasoline exports, its CEO Alexander Dyukov said, cited by TASS.
• The Yulong refinery in China will face bottlenecks as it aims for production according to FGE.