Oil Products End of Day Summary: Gasoline Cracks Slide

Gasoline cracks are headed for US close trading lower, reversing an earlier rebound. EIA data showed four-week implied demand climbed last week and gasoline stocks drew.

• US gasoline crack down 0.6$/bbl at 25.85$/bbl
• US ULSD crack down 0.8$/bbl at 25.02$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending May 17: Gasoline stocks -945 vs Exp -1,157, Implied mogas demand +440, Distillate stocks +379 vs Exp -300, Implied dist demand +52
• A revival in operations at Russia’s Tuapse refinery boosted oil product outflows from the refinery in May but further strikes mean the increase may be short lived according to Vortexa.
• Shell’s 327kbpd Rheinland refinery in Germany is planning a major turnaround in the autumn according to Bloomberg sources.
• BP's 435,000 bpd Whiting, Indiana, refinery experienced a flaring event on Sunday and another on Monday according to Reuters sources.
• U.S. oil refinery capacity is seen rising 408,000 bpd for the week ended May 24 w/w according to IRR.
• Mexico is importing more Asian gasoline to help to meet the 60% of its demand not covered by domestic production, Argus said.
• China’s exports of refined oil - gasoline, gasoil, and jet fuel - totalled 2.75m mt in April, down 39.5% on the year, OilChem said, citing GACC data.
• Port of Fujairah, UAE, oil product stocks dropped for a fifth consecutive week in the latest data as fuel oil arrivals built ahead of summer power burn demand.