Oil Products End of Day Summary: Gasoline Cracks Slide

Gasoline cracks have fallen to new intraday lows, although have not erased all of yesterday’s strong gains. Meanwhile, diesel cracks are ending the day rangebound after struggling for direction throughout the day.

• US gasoline crack down -0.4$/bbl at 19.56$/bbl
• US ULSD crack down 0$/bbl at 41.73$/bbl
• US gasoline demand jumped 4.6% last week from the prior week and was 4.0% above the average of the last four weeks according to GasBuddy data.
• Gasoline inventories are expected to have built by 0.3m bbl in the week to Feb. 2, while distillate inventories are forecast to decline by 2m bb to 128.8m bbl, according to a survey by the WSJ.
• Russian diesel-type shipments from Primorsk increased in January to the highest on a seasonal basis since at least 2017 at 2.05m tons
• Russian oil refinery processing rates dropped 1.4% in January m/m due to the drone attacks and outages.
• Only one main unit remains offline at TotalEnergies 238,000 bpd Port Arthur, Texas refinery on Sunday according to Reuters sources.
• BP is continuing the assessment of the 435kbpd Whiting, Indiana, refinery on Monday
• Operations at Chevrons 245,271 bpd refinery in Richmond, California were normal Monday as high wind and rain hit the West Coast according to Reuters sources.
• MARATHON CARSON REFINERY PLANS TO FLARE GASES 2 / 7 - 2 / 11 - bbg
• The Belgian government is aiming to pass a law tightening the fuel quality from March, as it targets the trade of low-quality gasoline and diesel to WAF.
• European refinery maintenance in 1H 2024 See PDF for the latest refinery maintenance update for Europe: https://roar-assets-auto.rbl.ms/files/59869/MNI%20Refinery%20Maintenance%20Calendar%20Europe%20.pdf