OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Rebound

Diesel and gasoline cracks have found support today, with diesel recovering yesterday’s losses. 

• US gasoline crack up 0.7$/bbl at 13.46$/bbl
• US ULSD crack up 0.6$/bbl at 22.39$/bbl
• Gazpromneft suspended operations at its Moscow refinery after a fire caused by a Ukrainian drone strike on Sunday according to Reuters sources.
• Nigeria’s 650kbpd Dangote refinery production of Euro V gasoline, complying with Europe’s emissions standards, is not expected to be produced until late 2024, according to FGE.
• Orlen’s Unipetrol expects to resume full operations at its Litvinov refinery at the beginning of next week according to CTK news agency reports.
• Refining margins are expected to improve in the near term with a tightening balance across the West of Suez, according to Kpler.
• CDU capacity utilisation rates at China’s state-owned refineries are expected to rise in the week to Sep. 5 according to OilChem, amid resumed production from Ningxia Petrochem.
• China’s domestic gasoline supply (production minus net exports) was 13.85m mt in August, down 0.91% on the month, OilChem said.
• Global airline passenger capacity is set to decline to 117.52m seats in the seven days commencing from Sep. 02, OAG said.