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OIL PRODUCTS: Mid-Day Oil Products Summary: Diesel Cracks Remain in Decline

OIL PRODUCTS
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US diesel cracks are seeing a little support from upcoming refinery maintenance season and the storm risks to Gulf coast refineries although downside pressure from weak demand remains.

  • US ULSD crack down 0.3$/bbl at 21.29$/bbl
  • US gasoline crack up 0.1$/bbl at 12.46$/bbl
  • US 321 crack down 0$/bbl at 15.4$/bbl
  • ULSD OCT 24 down 0.7% at 2.13$/gal
  • RBOB OCT 24 down 0.3% at 1.91$/gal
  • China’s state-owned refineries are projected to keep raising their CDU capacity in September, according to OilChem.
  • Run rate cuts by China’s independent refiners due to weak margins could result in a 1% drop y/y in China’s crude throughput in 2024 while crude imports are expected to fall 1.2% y/y,
  • China’s gasoline crack spread fell 8% over Jan.-Aug, while the diesel crack fell 35% and jet crack spread fell 24%.
  • Japan’s refinery runs with rise in the coming months for increased jet fuel demand according to ENEOS Managing Executive Officer Yasuhiko Oshida at APPEC.
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US diesel cracks are seeing a little support from upcoming refinery maintenance season and the storm risks to Gulf coast refineries although downside pressure from weak demand remains.

  • US ULSD crack down 0.3$/bbl at 21.29$/bbl
  • US gasoline crack up 0.1$/bbl at 12.46$/bbl
  • US 321 crack down 0$/bbl at 15.4$/bbl
  • ULSD OCT 24 down 0.7% at 2.13$/gal
  • RBOB OCT 24 down 0.3% at 1.91$/gal
  • China’s state-owned refineries are projected to keep raising their CDU capacity in September, according to OilChem.
  • Run rate cuts by China’s independent refiners due to weak margins could result in a 1% drop y/y in China’s crude throughput in 2024 while crude imports are expected to fall 1.2% y/y,
  • China’s gasoline crack spread fell 8% over Jan.-Aug, while the diesel crack fell 35% and jet crack spread fell 24%.
  • Japan’s refinery runs with rise in the coming months for increased jet fuel demand according to ENEOS Managing Executive Officer Yasuhiko Oshida at APPEC.