May 29, 2024 18:26 GMT
Oil Products End of Day Summary: Gasoline Cracks Sink
OIL PRODUCTS
Gasoline cracks have fallen to their lowest level since mid-February. Expectations of weaker demand during peak driving season are adding downside. There are also mixed forecasts on US gasoline stocks, with Reuters expecting an inventory build.
- US gasoline crack down 1.1$/bbl at 24.17$/bbl
- US ULSD crack down 0.6$/bbl at 24$/bbl
- US gasoline inventories are expected to have fallen by 1m bbl in the week to May 24, according to a WSJ survey, in contrast to Reuters’ forecast for a build of 1m bbl. Meanwhile, distillate stocks are seen down 0.1m bbl, the WSJ said.
- Russia's exports of ULSD from the Baltic Sea port of Primorsk in June are set to fall by 4.4% month on month to 1.36 million metric tons - down from 1.47 million tons scheduled for May according to Reuters.
- Russia has stopped publishing data on gasoline production, according to media outlet RBC, cited by Bloomberg.
- Nigeria’s new 650k b/d Dangote refinery is not expected to have a major impact on North Atlantic product flows until 2025, OPIS said.
- Imports of straight-run fuel oil to the USGC were set to climb to record levels this month according to Kpler.
- Asian refiners would prefer to see OPEC+ rollover its production cuts into H2 as it prioritises oil prices and stronger cracks, Platts said.
- Stockpiles of oil products at the UAE's Port of Fujairah climbed for the first time in six weeks.
- China’s refined product oil exports are planned at 3.72m mt in June, a fall of 5.1% on the month, according to OilChem.
- Global implied jet fuel demand in the week commencing May 28 is set to rise marginally, maintaining the uptick seen the week prior, according to BNEF.
- MNI COMMODITY WEEKLY- Full piece here:
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