Oil Products End of Day Summary: Gasoline Rebounds

Gasoline cracks surged on the day after EIA data showed a larger than expected draw in stocks. Four-week average gasoline demand is still below the five-year average for this time of year despite a small increase on the week.

• US gasoline crack up 1.5$/bbl at 10.47$/bbl
• US ULSD crack down -1.6$/bbl at 43.94$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Oct 13: Gasoline stocks -2,370 vs Exp -240, Implied mogas demand +362, Distillate stocks -3,185 vs Exp -890, Implied dist demand +746.
• Chinese exports of gasoline and diesel fell last month according to customs data with supplies prioritized to meet robust domestic demand. Gasoline exports fell 21% from an eight-month high to 1.09m mt, while Diesel exports fell 6.4% from a five-month high to 1.18m mt
• ExxonMobil is planning to restart a coker at its 522.5kbpd Baton Rouge refinery in Louisiana as early as 28 October, two people familiar with plant operation said, cited by Reuters.
• Russian offline primary oil refining capacity has been revised up by 14% to 4.5mn metric tons from the previous plan according to Reuters calculations. It is still down 9% from September based on the revised number.
• DIESEL - Middle Eastern diesel shipments to Europe have fallen this month, with some being replaced by US shipments, S&P Commodity Insights data showed.
• Russian oil products seaborne exports fell to the lowest level since July 2020 to 2.1mbpd in the first two weeks of October, largely due to the effects of a recent ban on shipments of road fuels including diesel, Vortexa data, cited by Bloomberg showed.
• Weekly gasoline production in Russia was 744.1k mt, according to Rosstat, a fall of 3.2% compared to the previous week, TASS reported.