Oil Products End of Day Summary: Gasoline Cracks Weaken

Gasoline crack spreads are heading for another net decline on the week of around 8.3% as low demand levels continue to weigh on prices

• US gasoline crack down 0.7$/bbl at 26.72$/bbl
• US ULSD crack down 0.3$/bbl at 24.39$/bbl
• ARA oil product stockpiles according to Insights Global: Inventory type, latest level, weekly change (all in thousand metric tons): Gasoline: 971, -51, Naphtha: 575, -10, Gasoil: 2,320, +72, Fuel Oil: 1,539, -35, Jet Fuel: 861, +3.
• Crude and fuel stocks held by European refiners stood at 1.014 billion barrels in April, down 0.3% m/m and 1.3% y/y according to Euroilstock.
• A Ukrainian drone strike set a section of a Russian refinery on fire in the Kaluga region according to RIA state news reports on Friday.
• Chinese refiners are set to pull lower volumes of Saudi crude in June vs May according to Reuters sources.
• Russian exports of naphtha to Singapore are on track for a yearly high in May, highlighting a recovery in Russian refining capacity according to LSEG and FGE.
• BPCL, India’s third-largest oil refiner by capacity, said its average gross refining margin was $14.14/bbl for the year ended March 31, compared to $20.24/bbl a year earlier.
• India’s HCPL aims to start crude processing at its 9mn ton/year Rajasthan refinery by the end of 2024 and the bottom upgradation units at its Vizag refinery to stabilize in Q3 and run the refinery at 15mn ton/year by Oct-Dec.
• MNI US Refinery Maintenance Schedule - See PDF: https://roar-assets-auto.rbl.ms/files/62996/MNI%20US%20Refinery%20Maintenance%20Schedule%20%20.pdf