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OIL PRODUCTS: Mid-Day Oil Product Summary: Cracks Edge Lower

OIL PRODUCTS
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Diesel and gasoline cracks have eased back from gains seen yesterday. US diesel cracks are set for a net weekly gain amid stocks draws, slightly higher weekly implied demand, and falling underlying crude prices.

  • US gasoline crack up 0$/bbl at 13.36$/bbl
  • US ULSD crack down 0.5$/bbl at 22.39$/bbl
  • Citgo shut down its 177,000 bpd Lemont, Illinois refinery on Wednesday afternoon after a power blip the company confirmed on Thursday.
  • Lyondell Basell’s 263,776bpd Houston refinery restarted the 110kbpd gasoline-producing FCC on Sept. 26, according to Reuters sources.
  • South Korea’s S-Oil has shut the 90kbpd No. 1 CDU at the refinery complex in Onsan and some refining units have schedule maintenance this week, sources told Reuters.
  • Mexico’s Pemex reduced oil processing across its refineries in August to 50.4% capacity from 51.5% in July. Cuts at its Tula and Minatitlan refineries offset Dos Bocas growth according to official data.
  • China’s independent oil refiners in Shandong and state-owned refineries raised run rates to the highest since May, according to Mysteel OilChem cited by Bloomberg. China’s commercial gasoline stockpiles rose to a five month high while commercial diesel inventories fell to the lowest since January 2023.
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Diesel and gasoline cracks have eased back from gains seen yesterday. US diesel cracks are set for a net weekly gain amid stocks draws, slightly higher weekly implied demand, and falling underlying crude prices.

  • US gasoline crack up 0$/bbl at 13.36$/bbl
  • US ULSD crack down 0.5$/bbl at 22.39$/bbl
  • Citgo shut down its 177,000 bpd Lemont, Illinois refinery on Wednesday afternoon after a power blip the company confirmed on Thursday.
  • Lyondell Basell’s 263,776bpd Houston refinery restarted the 110kbpd gasoline-producing FCC on Sept. 26, according to Reuters sources.
  • South Korea’s S-Oil has shut the 90kbpd No. 1 CDU at the refinery complex in Onsan and some refining units have schedule maintenance this week, sources told Reuters.
  • Mexico’s Pemex reduced oil processing across its refineries in August to 50.4% capacity from 51.5% in July. Cuts at its Tula and Minatitlan refineries offset Dos Bocas growth according to official data.
  • China’s independent oil refiners in Shandong and state-owned refineries raised run rates to the highest since May, according to Mysteel OilChem cited by Bloomberg. China’s commercial gasoline stockpiles rose to a five month high while commercial diesel inventories fell to the lowest since January 2023.