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

OIL PRODUCTS
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Gasoline crack spreads are slightly softer after net gains last week, with concerns for refinery rate cuts due to low margins. Meanwhile demand remains relatively muted.

  • US gasoline crack down 0.5$/bbl at 13$/bbl
  • US ULSD crack up 0$/bbl at 20.62$/bbl
  • Global fuel demand concerns have driven money manager positioning for diesel to the most bearish on record. The annual OPEC Work Oil Outlook, released on Tuesday, may provide some further indication of future demand.
  • ExxonMobil has reported it will begin maintenance activity at its 609,024 bpd Beaumont refinery in Texas via a community alert.
  • Valero’s 360,000 bpd Port Arthur refinery in Texas reported a process unit upset on Sunday according to a community alert.
  • Valero’s 195,000 bpd Texas McKee refinery in Texas reported the planned startup of some units at the facility after maintenance.
  • Delek’s 73,000 bpd Big Spring refinery in Texas reported an equipment malfunction on September 20 according to a regulatory filing.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to rise in the week to Sep. 26, according to OilChem, as Tianjin Petrochem resumes normal operations of its CDU.
  • China intends a tax revamp that will raise the costs for importing fuel oil according to Reuters sources in another blow for independent refiners that are already facing weak margins.
  • Global airline passenger capacity is set to rise to 117.06m seats in the seven days commencing from Sep. 23, OAG said.
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Gasoline crack spreads are slightly softer after net gains last week, with concerns for refinery rate cuts due to low margins. Meanwhile demand remains relatively muted.

  • US gasoline crack down 0.5$/bbl at 13$/bbl
  • US ULSD crack up 0$/bbl at 20.62$/bbl
  • Global fuel demand concerns have driven money manager positioning for diesel to the most bearish on record. The annual OPEC Work Oil Outlook, released on Tuesday, may provide some further indication of future demand.
  • ExxonMobil has reported it will begin maintenance activity at its 609,024 bpd Beaumont refinery in Texas via a community alert.
  • Valero’s 360,000 bpd Port Arthur refinery in Texas reported a process unit upset on Sunday according to a community alert.
  • Valero’s 195,000 bpd Texas McKee refinery in Texas reported the planned startup of some units at the facility after maintenance.
  • Delek’s 73,000 bpd Big Spring refinery in Texas reported an equipment malfunction on September 20 according to a regulatory filing.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to rise in the week to Sep. 26, according to OilChem, as Tianjin Petrochem resumes normal operations of its CDU.
  • China intends a tax revamp that will raise the costs for importing fuel oil according to Reuters sources in another blow for independent refiners that are already facing weak margins.
  • Global airline passenger capacity is set to rise to 117.06m seats in the seven days commencing from Sep. 23, OAG said.