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OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Find Support

OIL PRODUCTS
Bullet

US gasoline cracks spread have seen support from a larger than expected stocks draw and a surge in implied demand.

  • US gasoline crack up 0.2$/bbl at 13.57$/bbl
  • US ULSD crack up 0$/bbl at 22.53$/bbl
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 with a quarter of stations in Florida with no gasoline.
  • Pakistan’s Pak Arab Refinery Shut for maintenance from Oct. 10, according to Bloomberg.
  • Singapore’s Total Fuel Inventories Rose by 3m bbl
  • Total fuel stockpiles in Singapore were up 3.01m bbl to 42.8m bbl on the week to Oct. 2, official data showed.
  • Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel.
  • Asian refiners generally expect oil prices to continue their downtrend for the remainder of 2024, but geopolitical tensions could slow the pace of the decline, helping refiners to manage their hedging positions, Platts said.
  • Global passenger jet fuel demand in the week to Oct. 14 is set to remain stable, with a slight on-week dip of 0.1%, according to BNEF.
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US gasoline cracks spread have seen support from a larger than expected stocks draw and a surge in implied demand.

  • US gasoline crack up 0.2$/bbl at 13.57$/bbl
  • US ULSD crack up 0$/bbl at 22.53$/bbl
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 with a quarter of stations in Florida with no gasoline.
  • Pakistan’s Pak Arab Refinery Shut for maintenance from Oct. 10, according to Bloomberg.
  • Singapore’s Total Fuel Inventories Rose by 3m bbl
  • Total fuel stockpiles in Singapore were up 3.01m bbl to 42.8m bbl on the week to Oct. 2, official data showed.
  • Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel.
  • Asian refiners generally expect oil prices to continue their downtrend for the remainder of 2024, but geopolitical tensions could slow the pace of the decline, helping refiners to manage their hedging positions, Platts said.
  • Global passenger jet fuel demand in the week to Oct. 14 is set to remain stable, with a slight on-week dip of 0.1%, according to BNEF.