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OIL PRODUCTS: Mid-Day Oil Products Summary: Diesel Cracks Drift Down

OIL PRODUCTS

US diesel cracks are drifting back towards the lows of last week with weak demand and healthy supply weighing on prices despite upcoming refinery maintenance and hurricane risks.

  • US ULSD crack down 0$/bbl at 20.59$/bbl
  • US gasoline crack up 0.1$/bbl at 13$/bbl
  • US 321 crack up 0.1$/bbl at 15.53$/bbl
  • ULSD OCT 24 up 1.6% at 2.09$/gal
  • RBOB OCT 24 up 2.2% at 1.91$/gal
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline -0.513mbbl, Distillate +0.191mbbl
  • ExxonMobil plans to cut its Baton Rouge refinery's 522,500 bpd capacity to as low as 20% by Wednesday ahead of hurricane Francine according to Reuters sources.
  • Port of Fujairah oil product inventories rose 11% in the week to Sept. 9 to 18.742 million barrels, the highest since July 15 according to Fujairah Oil Industry Zone Data.
  • The rush to build mega airports in Dubai and Singapore to serve over 100m passengers per annum will boost jet fuel demand, but the outlook for SAF is more mixed, IATA’s chief economist said, cited by Platts.

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