Oil Products End of Day Summary: US Gasoline Cracks Ease Back

US gasoline cracks removed earlier gains are trading slightly above Friday’s close, while diesel cracks are holding onto gains.

• US gasoline crack up 0.1$/bbl at 15.88$/bbl
• US ULSD crack up 1.9$/bbl at 42.13$/bbl
• US gasoline imports from Europe fell to 151kbpd in the week to 16 November, down from 173kbpd the week prior according to bills of lading and Bloomberg ship-tracking data.
• Kuwait’s 615,000 bpd Al Zour refinery is expected to be fully operational in “the next couple of weeks” according to a Bloomberg source.
• European diesel cracks are expected to rise and “re-open the East-West arbitrage window,” according to Kpler via Bloomberg late last week.
• Chinese gasoline exports slipped to 770,000 tons in October, down from 1.09 million tons in September and compares to 1 mn tons last October according to General Administration of Customs data.
• Chinese fuel oil imports rebounded in October to 1.81mn tons, up from 1.04mn tons in September, which marked a one-year low, customs data showed.
• Refined oil production in China is estimated to decline 4.3m tonnes or 10.8% m-o-m in November while CDU capacity utilization rates fall 4% to 71.6% according to OilChem.