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Oil Products End of Day Summary: Gasoline Cracks Weaken

OIL PRODUCTS

Gasoline cracks remain down on the day but have recouped some earlier losses after EIA data showed four-week implied demand climbed last week.

  • US gasoline crack down 0.2$/bbl at 26.22$/bbl
  • US ULSD crack down 1$/bbl at 24.81$/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.
  • MNI COMMODITY WEEKLY (Oil & Oil Products): Global Refining Additions Shaping New Markets – Full piece here:
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