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OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Gain Ground

OIL PRODUCTS

Diesel and gasoline cracks are finding some support ahead of the refinery maintenance season after seeing a strong bearish trend in recent weeks amid healthy supply and disappointing demand.

  • US gasoline crack up 1.3$/bbl at 12.9$/bbl
  • US ULSD crack up 0.5$/bbl at 21.57$/bbl
  • Nigeria’s state owned NNPC said on Saturday it would not be the sole buyer of gasoline from the Dangote refinery but would step in if the facility sold above pump prices.
  • India’s 210,000 bpd Chennai refinery has shut one of its main crude units and some secondary units until mid-October for maintenance according to Reuters sources.
  • Bahrain's state-owned Bapco Energies plans to import heavier crude due to the expansion of its Sitra refinery to a capacity of 380,000 bpd company execs said at APPEC.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to remain unchanged in the week to Sep. 12, according to OilChem, amid no new scheduled maintenance or restarts.
  • Chinese refiners are likely buying a combined 16 million barrels of oil per month for the Strategic Petroleum Reserve to take advantage of current low prices, according to Energy Aspects citing recent meetings with Chinese energy majors.
  • Arrivals of feedstocks, at ports in Shandong Province and Tianjin City imported by independent refineries totalled 9.75m mt in August, OilChem said.
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