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OIL PRODUCTS: Mid-Day Oil Products Summary: Gasoline Cracks Climb

OIL PRODUCTS
Bullet

Gasoline cracks are higher again today ahead of the expected travel demand boost over Thanksgiving.

  • US gasoline crack up 0.1$/bbl at 13.08$/bbl
  • US ULSD crack down 0.5$/bbl at 25.03$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline +1.8mbbl, Distillate +2.5mbbl
  • Russia may lift its gasoline export ban from refineries through Dec. 1 to Jan. 31 according to Kommersant reports citing sources.
  • Russian refined oil product exports rebounded 18% m/m to 2.3mb/d in November 1-20 driven by diesel and naphtha shipments to offset a drop in fuel oil, according to Bloomberg citing Vortexa data.
  • Suncor Energy said all affected units at its 85,000 bpd Sarnia refinery in Ontario have returned to operational issue.
  • Nigeria’s NNPC restarted its 210,000 bpd Port Harcourt refinery on Tuesday after three and a half years offline.
  • Port of Fujairah oil product inventories dropped 15% w/w to 14.235mn bbls – below the previous all-time low set in Feb 2022, driven by fuel oil tightness.
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Gasoline cracks are higher again today ahead of the expected travel demand boost over Thanksgiving.

  • US gasoline crack up 0.1$/bbl at 13.08$/bbl
  • US ULSD crack down 0.5$/bbl at 25.03$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Gasoline +1.8mbbl, Distillate +2.5mbbl
  • Russia may lift its gasoline export ban from refineries through Dec. 1 to Jan. 31 according to Kommersant reports citing sources.
  • Russian refined oil product exports rebounded 18% m/m to 2.3mb/d in November 1-20 driven by diesel and naphtha shipments to offset a drop in fuel oil, according to Bloomberg citing Vortexa data.
  • Suncor Energy said all affected units at its 85,000 bpd Sarnia refinery in Ontario have returned to operational issue.
  • Nigeria’s NNPC restarted its 210,000 bpd Port Harcourt refinery on Tuesday after three and a half years offline.
  • Port of Fujairah oil product inventories dropped 15% w/w to 14.235mn bbls – below the previous all-time low set in Feb 2022, driven by fuel oil tightness.